The only shareholders you'd think would be more excited are those of independent energy company Berry Petroleum (BRY). That because on Thursday LINE offered to buy BRY for $2.42 billion in stock to increase its proven reserves by 34%. Shares of BRY surged 19% on the news and were up another 2% on very heavy volume Friday, closing at $46.95.
LINE moved up 2.8% on Thursday and another 2.14% on Friday, ending the week at $38.49. LNCO surged over 5% on Thursday's announcement and moved another 0.69% higher on Friday, closing at $39.27, not far away from its 52-week high of $40.40.
a Bloomberg report Thursday, Berry shareholders will get 1.25 shares of publicly traded LNCO, "...a corporation whose only assets are units of Linn Energy, according to a joint statement released
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV