ERF - Why Oil & Gas Exploration Company Enerplus Shares Are Surging Premarket Today | Benzinga
Enerplus Corporation (NYSE:ERF) shares are trading higher after it inked a definitive merger deal with Chord Energy Corporation (NASDAQ:CHRD) in an approximately $11 billion stock and cash transaction.
As per the terms, each Enerplus share will be exchanged for 0.10125 shares of Chord and $1.84 per share in cash, representing 90% stock and 10% cash consideration.
After deal closure, Chord shareholders will own about 67% of the combined company and Enerplus the remaining 33% on a fully diluted basis.
The combined company’s enterprise value is projected to be around $11 billion, inclusive of Enerplus’ net debt, based on the transaction ...