JAKARTA (dpa-AFX) - Halcón Resources Corp. (HK) and GeoResources, Inc. (GEOI) announced that they have entered into a definitive merger agreement in which GeoResources will merge into a wholly-owned subsidiary of Halcón Resources in a cash and stock transaction that values GeoResources at around $1 billion, based on the closing price of Halcón Resources common stock on April 24, 2012.
As per the terms of the merger agreement, Halcón Resources will acquire all outstanding shares of GeoResources common stock. GeoResources stockholders will receive $20.00 in cash and 1.932 shares of Halcón Resources common stock for each share of GeoResources common stock they hold, representing consideration to GeoResources stockholders of $37.97 per share based on the closing price of Halcón Resources common stock on April 24, 2012.
Copyright RTT News/dpa-AFX
© 2012 AFX News
