New energy deal announced on Monday (August 21)
Target/acquirer: Earthstone Energy (ESTE)/Permian Resources Corporation (PR)
Announced: August 21, 2023
Terms: Earthstone shareholders will receive 1.446 shares of Permian Resources per share of Earthstone owned
Implied equity value: $2.6 billion (EV:$4.5 billion)
Premium: 15% to the target’s closing price on August 18, prior to the announcement of the transaction
Regulatory conditions: The transaction is subject to HSR approval, which shall be filed within 10 business days post-DMA, or by September 5.
CTFN enforceability rating: WEAK (favors buyer)
Shareholder votes: Target and acquirer shareholders
Closing guidance: End of 2023
Outside date: April 21, 2024, subject to an extension to August 21, 2024
Financing: N/A
Termination fee / reverse termination fee: $87.5 million (3.7%%) / $175 million (6.7%)
Target jurisdiction: Delaware
Target advisors: RBC and Wells Fargo are serving as financial advisors, and Vinson & Elkins is serving as legal counsel.
Acquirer advisors: Jefferies and Morgan Stanley are serving as co-lead financial advisors, and Kirkland & Ellis is serving as legal counsel.
Commentary: Permian Resources shareholders will own approximately 73% of the combined company, and existing Earthstone shareholders will own approximately 27%.
Permian Resources’ and Earthstone’s largest shareholders, which own about 49% and 48% of each respective company’s outstanding shares, have agreed to vote in favor of the transaction.
Pulled from merger observer - https://mergerobserver.com/
[link] [comments] https://www.reddit.com/r/stocks/comments/1617da3/estepr_new_deal/
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