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GDP - Goodrich Petroleum to be taken private in $480M deal
Goodrich Petroleum Corporation
Goodrich Petroleum (NYSE:GDP) +6.8% pre-market after agreeing to be acquired by Paloma Partners VI Holdings for $23/share in cash, or $480M including the assumption of debt. The offer price represents a ~7% premium to Goodrich's $21.50 closing price on November 19. Paloma has secured equity financing commitments for the entire acquisition, including assumption of debt, from EnCap Energy Capital Fund XI LP, and is not subject to a financing condition. Goodrich reported better than forecast Q3 adjusted earnings and revenues.