agreed to merge in an all-stock deal forming an oil refining company with an enterprise value of $7 billion.
The new company will be named HollyFrontier Corp.
Frontier shareholders will receive 0.4811 a Holly share for each share of Frontier common stock under the deal.
Holly shareholders are expected to own about 51% of the new company once the transaction closes, and Frontier shareholders will own about 49%.
The deal is expected to close in the third quarter of 2011.
-- Written by Joseph Woelfel
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