UPDATE 1-Credo Petroleum fails to get better offer
July 5 |
July 5 (Reuters) - Oil and gas company Credo Petroleum Corp , which agreed to be acquired by Forestar Group Inc , said it failed to get any alternate offer during a "go-shop" period.
Forestar Group said in June it planned to buy Credo for $146 million in cash, offering a 33 percent premium.
Credo had a 30-day go-shop period to seek out a better offer under the deal. The deadline expired on July 3.
Credo expects the merger to be completed in the second half of 2012.
Shares of Credo closed at $14.42 on Tuesday on the Nasdaq. They have traded below Forestar's offer price of $14.50 per share over the last month.
Forestar shares closed at $12.76 on Tuesday on the New York stock Exchange.
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