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UPDATE 1-Credo Petroleum fails to get better offer
July 5, 2012 / 12:56 PM / in 5 years

UPDATE 1-Credo Petroleum fails to get better offer

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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