Resolute Energy’s largest shareholder dissatisfied with sale price to Cimarex [Seeking Alpha]
Cimarex Energy Co (XEC)
Last cimarex energy co earnings: 2/19 04:01 pm
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Source: Seeking Alpha
Cimarex Energy (NYSE: XEC ) agreed to buy Resolute Energy (NYSE: REN ) for $1.6B for a ~15% premium, but REN's largest shareholder, Kimmeridge Energy Management, says it is dissatisfied with the sale price . Kimmeridge Managing Partner Ben Dell says the firm is pleased to see that Resolute’s management team has finally acted after calling for more than a year for options to boost shareholder value including a possible sale, but it believes the proposed purchase price undervalues the company. REN’s acreage in the Delaware part of the Permian sits directly adjacent to XEC’s acreage, and the deal is expected to add 35K boe/day to XEC's production base. Bloomberg's Mark Rossano dislikes the deal, says REN's $710M in debt has hindered the company's growth so XEC will be taking on those obligations while dealing with a questionable operator. Click to subscribe to real-time analytics on REN Now read: Cimarex Energy (XEC) Presents at Bank of America Merrill Lynch
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