Brief: Penn Virginia Announces Agreement To Acquire Lonestar Resources

Reservoir Media

12/07/2021 05:17

July 12 (Reuters) - Penn Virginia Corp  PVAC.O :
    * PENN VIRGINIA ANNOUNCES AGREEMENT TO ACQUIRE LONESTAR
RESOURCES
    * PENN VIRGINIA-UNDER TERMS, LONESTAR SHAREHOLDERS WILL
RECEIVE
0.51 SHARES OF COMMON STOCK OF CO FOR EACH SHARE OF COMMON STOCK
OF LONESTAR OUTSTANDING
    * LONESTAR WILL HAVE RIGHT TO NOMINATE ONE INDEPENDENT
DIRECTOR TO
PENN VIRGINIA BOARD OF DIRECTORS
    * EDWARD GEISER WILL CONTINUE TO SERVE AS CHAIRMAN OF BOARD,
DARRIN HENKE WILL CONTINUE TO SERVE AS PRESIDENT AND CEO OF
COMPANY
    * TRANSACTION HAS BEEN UNANIMOUSLY APPROVED BY BOARDS OF
DIRECTORS
OF BOTH COMPANIES
    * PENN VIRGINIA - UPON COMPLETION OF TRANSACTION, CO
SHAREHOLDERS
WILL OWN APPROX 87% OF COMBINED COMPANY, LONESTAR WILL OWN
APPROX 13%  COMBINED COMPANY
    * TRANSACTION IS VALUED AT ABOUT $370 MILLION AS OF JULY 9,
2021,
COMPOSED OF ABOUT 5.9 MILLION SHARES OF PENN VIRGINIA COMMON
STOCK
    * TRANSACTION COMPOSED OF ABOUT 5.9 MILLION SHARES OF PENN
VIRGINIA COMMON STOCK AND ASSUMPTION OF ABOUT $236 MILLION OF
NET DEBT

Source text for Eikon:  ID:nGNXBdtsm 
Further company coverage:  PVAC.O 

 ((Reuters.Briefs@thomsonreuters.com;))