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| Name | Symbol | Market | Type |
|---|---|---|---|
| BP Plc | NYSE:BP | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.105 | -0.27% | 38.565 | 38.61 | 38.11 | 38.48 | 3,950,571 | 18:26:31 |
From May 2022 to May 2024
By Chris Wack
Archaea Energy Inc. shares were up 52%, to $25.73, after the company said Monday it is being bought by BP PLC for $26 a share in cash, or a total enterprise value of $4.1 billion, including $800 million of net debt.
The cash consideration represents a 38% premium to Archaea's average share price for the 30 days ended Friday.
The stock hit its 52-week high of $25.96 earlier in the session, and is up 86% in the past three months.
The companies are targeting closing the acquisition by the end of this year.
Certain existing Archaea shareholders, who collectively own 27% of its outstanding shares, have agreed to vote their shares in favor of the transaction. Closing is not subject to any financing condition.
Upon completion of the transaction, Archaea will operate as a subsidiary within BP and become part of the larger global organization.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 17, 2022 10:16 ET (14:16 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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