Ranger Oil gains on buyout by Canada's Baytex Energy

Baytex Energy

28/02/2023 13:45

** Shares of oil and gas producer Ranger Oil Corp  ROCC.O  up 1.65% at
$41.99 premarket
    ** Stock on track to open at its highest in two weeks if gains hold
    ** Canada's Baytex Energy Corp  BTE.TO   BTE.N  says it will buy ROCC in a
$2.5 bln cash-and-stock deal, including debt
    ** ROCC shareholders will receive 7.49 BTE shares at fixed ratio and $13.31
cash for each share held, which represents a total of about $44.36 per share at
a premium of 7.38% to ROCC's last close        
    ** BTE will own about 63% of combined co, which will be led by Baytex Chief
Executive Eric Greager, and ROCC shareholders will hold 37%
    ** Deal expected to close in Q2 2023
    ** YTD, ROCC up 2.2% and BTE down 4.1% through last close 

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))