Archaea Energy Shares Hit 52-Week High After BP Buyout Offer
October 17 2022 - 10:31AM
Dow Jones News
By Chris Wack
Archaea Energy Inc. shares were up 52%, to $25.73, after the
company said Monday it is being bought by BP PLC for $26 a share in
cash, or a total enterprise value of $4.1 billion, including $800
million of net debt.
The cash consideration represents a 38% premium to Archaea's
average share price for the 30 days ended Friday.
The stock hit its 52-week high of $25.96 earlier in the session,
and is up 86% in the past three months.
The companies are targeting closing the acquisition by the end
of this year.
Certain existing Archaea shareholders, who collectively own 27%
of its outstanding shares, have agreed to vote their shares in
favor of the transaction. Closing is not subject to any financing
condition.
Upon completion of the transaction, Archaea will operate as a
subsidiary within BP and become part of the larger global
organization.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 17, 2022 10:16 ET (14:16 GMT)
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