LINN Energy to Acquire Berry Petroleum for US$4.3 Billion
Acquisition to Increase LINN Energy's Proved Reserves by 34% and Production by 30% - Deal Analysis from GlobalData
[USPRwire, Thu Apr 25 2013] LINN Energy, LLC (LINN Energy) has agreed to acquire Berry Petroleum Company (Berry Petroleum) for a purchase consideration of US$4,300 MM, including the assumption of US$1,800 MM in debt or US$46.24 per share, in an all stock transaction. The transaction is expected to be tax-free for Berry's shareholders. The offer price represents a premium of 19.8% to Berry's closing price of US$38.59 on February 20, 2013 and a premium of 23.1% to Berry's one month average price at that date. Citigroup Global Market Inc. is acting as financial advisor to LinnCo. Latham & Watkins LLP is acting as legal advisor to LINN Energy and LinnCo. Credit Suisse Securities (USA) LLC is acting as financial advisor, while Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Berry Petroleum in the transaction. The transaction is expected to be completed by June 30, 2013, subject to the approval of the shareholders of Berry Petroleum and LinnCo and the unit holders of LINN Energy, as well as customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
* The report highlights the rationale behind LINN Energy's plan to acquire Berry Petroleum Company
* The report also provides information on key assets and operations of Berry Petroleum Company.
* Geography Covered- US
Reasons to buy
* To understand the strategic intent behind LINN Energy's planned acquisition of Berry Petroleum Company
* To know about Berry Petroleum Company's assets and operations in the US
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