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 story : Bonanza Creek, Extraction Oil & Gas to merge, with combined 'Civitas Resources' valued at .6 billion #FinanceUSA #StockMarketNEWS Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc. announced

@stockMarketNEWS Mon 10 May, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Bonanza Creek, Extraction Oil & Gas to merge, with combined 'Civitas Resources' valued at .6 billion #FinanceUSA #StockMarketNEWS
Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc. announced Monday and agreement to combine in an all-stock merger of equals, with the combined energy producing company valued at about .6 billion. Under terms of the merger, Extraction shareholders will receive 1.1711 Bonanza Creek shares for each Extraction share they own. Based on Friday's closing prices, that values Extraction shares at .85, a 0.9% premium. After the deal closes, which is expected to occur in the third quarter of 2021, the combined company will be named Civitas Resources Inc., and Bonanza Creek and Extraction shareholders will each own about 50.0% of Civitas. Extraction's stock rose 3.0% in premarket trading and Bonanza Creek's stock gained 1.7%. Meanwhile, futures for the S&P 500 edged up 0.1%.


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