Petroleum Development to acquire Unioil for $18.2 mln
Natural gas company Petroleum Development Corp. on Friday said it agreed to acquire energy company Unioil for about $18.2 million, or $1.91 a share.
Unioil has properties in northern Colorado and southern Wyoming.
Unioil shareholders, who own about 82 percent of its stock, have agreed to tender their shares in the offer, Petroleum Development said in a statement.
The acquisition will strengthen Petroleum Development’s position in the Denver-Julesburg Basin and upon completion of the merger, Unioil will become a wholly-owned subsidiary, Petroleum Development added.
Petroleum Development will start the offer no later than Nov. 3.
Shares of Petroleum Development were off 0.29 percent at $44.87 in morning trade on the Nasdaq.