Granite Ridge rises on report of Northern Oil and Gas' acquisition bid

Northern Oil and Gas

20/12/2024 19:37

** Shares of oil and gas company Granite Ridge Resources
 GRNT.N  rise 9.8% to $6.17
    ** Reuters reports larger rival Northern Oil and Gas  NOG.N 
has made a bid to acquire GRNT
    ** NOG has submitted at least two offers for Granite Ridge,
with the latest bid being roughly 20% premium to GRNT's share
price
    ** "GRNT would provide both increased scale and slightly
more diversity, however, we view NOG's assets as having higher
quality," RBC Capital Markets analyst Scott Hanold says
    ** "Accordingly, a transaction would need to be done at a
higher accretive valuation," Hanold adds
    ** NOG shares down 1.5% at $35.47 in afternoon trading
    ** Including session's moves, GRNT up 1.3% and NOG down 6.7%
YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))