Petroleum Development Says 96 Percent of Unioil Shares Tendered, Sees Closing Deal Soon
Natural gas and oil producer Petroleum Development Corp. said Wednesday it completed its cash tender offer to buy all of Unioil’s outstanding shares.
As of the Monday deadline, 9.1 million Unioil shares, representing about 95.5 percent of that company’s stock, were validly tendered and not withdrawn.
Petroleum Development will complete the purchase of the remaining shares at the $1.91-per-share offer price under a short-form merger.
The company expects to close the merger soon. Petroleum Development announced the $18.2 million deal in October. Unioil is an independent energy company with properties in northern Colorado and southern Wyoming.
Shares of Petroleum Development fell 22 cents to $42.68 in morning Nasdaq trading.