Houston-based natural gas company Cabot Oil & Gas Corporation (COG) has agreed to merge with Cimarex Energy Co. (XEC) in an all-stock merger of equals. The enterprise value for the combined entity will be approximately $17 billion. Cimarex shares declined 7.1% on May 24, while shares of Cabot plunged 6.8%. The merger will create a diversified energy leader with the combination of two industry-leading operators having top-tier oil and natural gas assets. Notably, the combined company will be headquartered in Houston under a new name. Per the terms of the deal, shareholders of Cimarex will receive 4.0146 shares of Cabot common stock for each share held.
https://www.tipranks.com/news/cabot-and-cimarex-ink-all-stock-merger-deal-shares-fall
Cimarex Energy (NYSE:XEC)
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