Statoil closes tender offer for Brigham Exploration

Norway's Statoil and Brigham Exploration Company have announced that  more than 87.7 % of the outstanding shares of Brigham’s common stock have been tendered to Statoil.

This is including and assuming delivery of shares tendered by notice of guaranteed delivery.

“This transaction underpins Statoil’s strategy for growth,” says Statoil’s Chief Executive Officer, Helge Lund.

“Brigham brings a talented team and a first class onshore asset to our growing North American activities, and we are excited to include their competence, operational capacity and attractive position in the Williston Basin as we expand in US onshore plays,” Lund says.

The tender offer expired at 12:00 midnight, New York City time, at the end of Wednesday, November 30, 2011. Purchaser has accepted for payment, and expects to promptly pay for, all Shares tendered and not withdrawn on or prior to the expiration of the tender offer.

Statoil has also announced the commencement of a subsequent offering period beginning on Thursday, December 1, 2011 and expiring at 12:00 midnight, New York City time, at the end of Wednesday, December 7, 2011, unless extended.  Any Shares validly tendered during this subsequent offering period will be accepted immediately for payment, and tendering stockholders will thereafter promptly be paid the same offer price of $36.50 per Share, net to the seller in cash, without interest thereon and less any applicable withholding taxes, in accordance with the terms of the tender offer.

(Press release)

Monday, 05 December 2011 07:37