Roan Resources (ROAN) announced that it was selling itself for approximately $1 billion, including the assumption of $780 million in debt. Shareholders are receiving around $1.52 per share in cash (a 24% premium to Roan's prior closing price).
This deal appears to be fair given the company's debt challenges. It previously ran into serious trouble with aggressive spending (including $773 million in 2018 capex) and less-than-optimal well-level results. The $100 million term loan facility gave it some needed liquidity, but at low-to-mid $50s oil, the company wouldn't be able to improve its situation