Updated from 9:24 a.m. ET to include opening share prices and comment from MLV & Co.
NEW YORK (TheStreet) -- Linn Energy (LINE) has amended the terms of its proposed acquisition of Berry Petroleum (BRY), as the upstream oil and gas master limited partnership (MLP) continues to press for a deal and resolve accounting concerns that have weighed on the company's share price in recent months.
Linn Energy, through its acquisition unit LinnCo (LNCO), will offer 1.68 shares for each Berry Petroleum share, in a transaction that is now valued at $4.9 billion when including debt. The Houston-based driller previously offered Berry Petroleum investors 1.25 shares of LinnCo for each of their shares.
The revised merger proposal will increase the price of Linn's acquisition by roughly $600 million, according to Friday closing share prices.
Linn Energy shares were rising nearly 4% to $32.05 in Monday afternoon trading. Shares in Linn Energy surged by over 11% on Friday after it said in a filing that the Securities and Exchange Commission had resolved its comments on the company's accounting disclosures.
"As of the date hereof, there are no outstanding or unresolved comments in any comment letters of the staff of the SEC received by the Company relating to the Company SEC Documents," Linn Energy said in its filing.
In July, the company disclosed it was subject to an informal SEC review into its accounting disclosure.
Friday's note that the SEC has no outstanding comments on the company's accounting disclosures may help Linn Energy close its long-awaited merger of Berry Petroleum.