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/
Accedi per aggiungere un commento
Altri post in questo gruppo
Please use this thread to discuss your portfolio, learn of other stock tickers, and help out users by giving constructive criticism.
Why quarterly? Public comp
When you sell a stock to buy another stock, do you prefer to set the estimated amount of the capital gains taxes aside in a money market or do you think it better to
Saving for retirement is crucial, but relying solely on a 401(k) might not be enough due to high inflation. Consider investing in growth stocks, especially in the tec
I’m think this is not a good investment as there is no chatter at all on the 52 week low. They are involved in a class action lawsuits by investors and credit card co
Sorry if this is the wrong sub. Let’s say I had $1 million in VOO but I wanted to sell half of it to buy SCHD. It would suck to pay taxes on $500k. So how would you g
Hey guys, I did a deep dive into Crocs. In this analysis, I will do a brief breakdown of the company and go over some quantitative data, qualitative data and estimate
