Resolute Energy's stock set to surge after $1.6 billion buyout deal with Cimarex [MarketWatch]
RESOLUTE ENERGY (REN)
Last resolute energy earnings: 11/5 04:15 pm
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resoluteenergy.com/investors-overview
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Source: MarketWatch
Resolute Energy's stock set to surge after $1.6 billion buyout deal with Cimarex Energy Shares of Resolute Energy Co. REN, +2.21% were indicated up over 8% in premarket trade Monday, after the oil and gas company announced a deal to be acquired by Cimarex Energy Co. XEC, -0.16% in a cash and stock deal valued at $1.6 billion, including $710 million in debt. Under terms of the deal, Resolute shareholders can choose between receiving 0.3943 of Cimarex shares, $35 in cash, or a combination of 0.2366 Cimarex shares and $14 in cash for each Resolute share they own. The $35 bid represents a 15% premium to Friday's closing price of $30.49. The cash portion of the deal, which is expected to close by the end of the first quarter of 2019, is expected to be funded through a combination of cash on hand and borrowings under Cimarex's revolving credit facility. "The Resolute assets are expected to generate free cash flow in 2019, basically funding any additional development capital from the s
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