Cimarex to pay 15 percent premium for Resolute Energy in Permian push [Reuters]
RESOLUTE ENERGY (REN)
Last resolute energy earnings: 11/5 04:15 pm
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Source: Reuters
Cimarex to pay 15 percent premium for Resolute Energy in Permian push | Reuters 3 Min Read (Reuters) - Oil and gas producer Cimarex Energy Co ( XEC.N ) on Monday agreed to buy smaller rival Resolute Energy Corp ( REN.N ) for about $811 million, adding more assets in the shale-rich Permian Basin for a premium of roughly 15 percent. The region has seen several deals as bigger producers add more assets, allowing them to negotiate better with oilfield services, frac sand providers and pipeline operators as production costs rise. As part of the deal, Resolute shareholders have the option to receive 0.3943 shares of Cimarex common stock, $35 per share in cash, or a combination of $14 per share in cash and 0.2366 share of Cimarex common stock. For the cash offer of $35 per share, the deal represents a 15 percent premium to Resolute’s Friday closing price of $30.49 per share. Based on 23.16 million Resolute shares, the deal is worth $810.7 million, according to a Reuters calculation. Incl
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