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Linn Energy LLC And LinnCo LLC To Acquire Berry Petroleum Co For $4.3 Billion


Thursday, 21 Feb 2013 07:00am EST 

Linn Energy LLC, LinnCo LLC and Berry Petroleum Co announced the signing of a definitive merger agreement pursuant to which LINN and LinnCo will acquire all of Berry's outstanding shares for total consideration of $4.3 billion, including the assumption of debt. The transaction, which is structured as a stock-for-stock merger of Berry with LinnCo followed by the acquisition of the Berry assets by LINN, is expected to be tax-free to Berry shareholders. This transaction represents the first ever acquisition of a public C-Corp by an upstream LLC or MLP.Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry outstanding prior to the merger. The consideration to be received by Berry shareholders is valued at $46.2375 per Berry share based on LinnCo's closing price as of February 20, 2013. This represents a premium of 19.8 % to the Berry closing price on February 20, 2013, and a premium of 23.1 % to its one month average price at that date. The acquisition, which is expected to be tax-free to Berry's shareholders, is structured as a stock-for-stock merger. In connection with the merger Berry will be converted into an LLC. Upon completion of the merger, LinnCo will contribute the Berry assets to LINN in exchange for LINN units.The transaction is expected to close by June 30, 2013. The combined company will be headquartered in Houston, Texas. 

Company Quote

18.25
-3.7 -16.86%
28 Nov 2014