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NFX - Encana: Is The Market Right About The Newfield Buyout?
Newfield Exploration Company
Encana's (ECA) stock has been in free fall since the Nov. 1 announcement that it would buy Newfield Exploration (NFX) for what at the time was an estimated $5.5 billion in stock and the assumption of $2.2 billion in NFX debt ($7.7 billion total). The stock estimate was based on 2.6719 shares of ECA for each NFX common share. At the end of Q3, Newfield had 201 million fully diluted common shares. And at the time of the offer, ECA was trading at $10.24/share. So that comes out to ~$5.5 billion.