Whittier Energy Agrees to $145M Takeoveradmin
Oil and gas company Whittier Energy Corp. said Friday it agreed to be acquired by U.K.-based Sterling Energy PLC for $11 per share, or about $145 million, confirming an earlier report.
Sterling will also assume approximately $43 million of the company’s net liabilities, Whittier added.
Both companies’ boards have approved the deal unanimously. It is expected to close in the first quarter.
Whittier’s shares jumped $1.20, or 13.8 percent, to $9.93 in premarket trading.