Ranger Oil gains on buyout by Canada's Baytex Energy

Baytex Energy

28/02/2023 15:27

(Updates)
    ** Shares of oil and gas producer Ranger Oil Corp  ROCC.O  up 2% at $42.13;
their highest in two weeks
    ** 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, representing 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 company, which will be led by Baytex
Chief Executive Eric Greager, while ROCC shareholders will hold 37%
    ** Deal expected to close in Q2 2023
    ** BTE's Canada-listed shares down 8.4%, and its U.S.-listed shares fall
9.05%
    ** ROCC up 4.3% YTD, while BTE down 12%

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