Statoil Bids High to Extend U.S. Footprint

- October 17th, 2011

Rigzone reported that Statoil (NYSE:STO) and Brigham Exploration (NASDAQ:BEXP) have entered into a merger agreement whereby Statoil will acquire all of the outstanding shares of Brigham at USD 36.5 per share through an all-cash tender offer.

Rigzone reported that Statoil (NYSE:STO) and Brigham Exploration (NASDAQ:BEXP) have entered into a merger agreement whereby Statoil will acquire all of the outstanding shares of Brigham at USD 36.5 per share through an all-cash tender offer.

As quoted in the market news:

The Brigham Board of Directors has unanimously recommended to its shareholders that they accept the offer. Ben “Bud” M. Brigham, Chairman, President and CEO and the other executive officers and directors of Brigham, who collectively own approximately 2.5% of the outstanding shares, have agreed to tender all of their shares. The total equity value is approximately USD 4.4 billion, reflecting an enterprise value of approximately USD 4.7 billion, based on June 30, 2011 net debt.

Brigham, based in Austin, Texas, has over 100 employees in Austin and North Dakota and a strong position in the attractive Bakken and Three Forks tight oil plays in the Williston Basin in North Dakota and Montana.

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