Chesapeake Extends Bronco Tender Offer Amid Shareholder Suit Pact
May 18 2011 - 10:42AM
Dow Jones News
DOW JONES NEWSWIRES
Chesapeake Energy Corp. (CHK) has extended its tender offer for
Bronco Drilling Co. (BRNC) shares as the companies said they have
agreed to a memorandum of understanding regarding the key terms of
a shareholder lawsuit settlement.
Chesapeake, the most active driller in the U.S., agreed last
month to pay $315 million for Bronco and its fleet of 22 rigs. The
target provides contract land drilling to oil and natural-gas
exploration companies.
The tender offer will expire at midnight Eastern time on May 31,
eight days later than originally planned, which the companies said
will give Bronco shareholders time to consider additional
disclosures related to the settlement terms. The companies didn't
detail the settlement terms in a statement Wednesday.
Chesapeake shares rose 1.4% to $29.51 in recent trading. Bronco
was up 2 cents at $10.99, compared with the $11 offer price.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
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