December 3, 2014 / 9:20 PM / 5 years ago

Whiting shareholders approve buyout of Kodiak Oil

Dec 2 (Reuters) - Whiting Petroleum Corp shareholders approved the company’s all-stock buyout of Kodiak Oil and Gas Corp on Wednesday, a deal that will make Whiting the largest oil producer in North Dakota.

Votes representing about 79 percent of Whiting’s shares were cast, and of that, roughly 99 percent approved the deal, Whiting said in a statement.

Separately, Kodiak shareholders met and approved the sale, with votes representing about 78 percent of the company’s shares cast, with about 97 percent of that voting in favor.

The deal still requires approval from the Supreme Court of British Columbia, which Whiting expects to receive on Thursday.

The deal between the companies, both based in Denver, is expected to close by Monday.

The final value of the all-stock deal will reflect share prices on the day of closing, though the buyout is now far cheaper than the $3.8 billion value when the deal was first announced.

Shares of Kodiak are down 51 percent and shares of Whiting are down 49 percent since the deal was unveiled on July 13. (Reporting by Ernest Scheyder; Editing by Jonathan Oatis)

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