Crescent Point falls on Hammerhead deal

Veren

07/11/2023 16:34

** Shares of Canadian oil producer Crescent Point Energy
 CPG.TO  down 8.4% at C$10.02
    ** Co announced cash-and-stock deal worth C$2.55 bln to
acquire Hammerhead Energy  HHRS.TO  on Monday, potentially
creating Canada's seventh biggest energy producer
    ** Hammerhead shareholders would receive C$21.00 per fully
diluted common share of Hammerhead, through a combination of
approximately C$1.5 billion in cash and 53.2 million common
shares of Crescent Point
    ** Hammerhead shares up 3.65% to C$20.73
    ** Including session's losses, CPG stock has risen 4.88% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))