Chaparral Energy In Deal To Go Public
OKLAHOMA CITY (AP) ¿ Privately held oil and gas producer Chaparral Energy Inc. would go public as a result of a deal with United Refining Energy Corp., a company created two years ago to make deals in the energy business.
Under the plan announced late Monday, Chaparral shareholders would have a majority of the shares in the new company which would carry its name and would be led by Chaparral's senior management.
The deal is expected to close by Dec. 11. The combined company's shares will trade on the American Stock Exchange until they are approved for transfer to the New York Stock Exchange, under the ticker symbol "CPR."
Assuming a combined company stock price of about $10 per share, the companies said the total value of the new business would be $1.8 billion.Chaparral shareholders will receive 58 million shares in the combined company, or a 59 percent stake. United Refining shareholders will own 35 percent of the company and the United Refining sponsor will hold a 6 percent stake.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV