Cabot and Cimarex Shareholders Approve Merger to Create Oil & Gas Giant
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Shareholders of Cabot Oil & Gas and Cimarex Energy on Wednesday approved the proposed merger between the two companies to form one of the largest U.S oil and gas firms.
The merger, which was announced in May and pegged the enterprise value of the combined entity at about $17 billion, brings together Cabot’s gas-rich Marcellus shale positions in the U.S. northeast and Cimarex’s oil-heavy acres in West Texas, unlike most recent oil and gas deals that have been between companies with overlapping footprints.
Cimarex shareholders will receive 4.0146 shares of Cabot common stock for each share held.
The deal is expected to close in the fourth quarter of 2021, after which Cimarex shareholders would own 50.5 percent of the combined entity and Cabot shareholders the rest.
The companies said more than 99 percent of Cabot common shareholders and more than 90 percent of Cimarex shareholders voted in favor of the merger.
Influential proxy advisory firm Glass Lewis had recommended that shareholders of both Cabot and Cimarex vote to support the proposed merger, while Institutional Shareholder Services had cautiously recommended that shareholders of Cimarex vote for the deal.
Source: Reuters
About Cabot Oil & Gas
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer, with its entire resource base located in the continental United States.
To stop by Cabot’s website, CLICK HERE
About Cimarex Energy
Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Permian Basin and Mid-Continent areas of the U.S.
To stop by Cimarex’s website, CLICK HERE
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