An agreement between Chevron Corporation (NYSE:CVX) and Atlas Energy, Inc. (NASDAQ:ATLS) was announced Tuesday where Chevron will acquire Atlas for $4.3 billion. The amount paid for Atlas will include debt.
The offer will equal a value of $43.34 a share for Atlas shareholders, a premium of 37 percent over the 'November 8' close of Atlas.
Shareholders in Atlas will receive $38.25 in cash for each share they own plus a pro-rata share of a distribution of more than 41 million units of Atlas Pipeline Holdings, L.P. (NYSE:AHD), valued at $5.09 each share.
"All of our shareholders should benefit from this sale and upon its completion, Atlas will have achieved a return of well over 800% since its initial public offering less than 6 1/2 years ago. All of our employees and shareholders should know that, through Chevron’s acquisition of Atlas Energy, we will be bringing into the Marcellus Shale one of the world’s largest corporations, an energy company second to none in its skills and dedication to excellence. This augurs well for customers and suppliers, our joint venture partners, those of our employees who will be continuing with Chevron, the local communities in which we have been active – and our nation, for all of whom Chevron’s involvement in development of this resource will be of enormous benefit," said Atlas Energy Chairman and CEO Edward E. Cohen.
Goldman Sachs (NYSE:GS) advised Chevron on the deal and Jefferies & Company, Inc. was lead advisor for Atlas.
Showing posts with label Atlas Energy. Show all posts
Showing posts with label Atlas Energy. Show all posts
Wednesday, November 10, 2010
Thursday, October 21, 2010
Atlas Energy (Nasdaq:ATLS), Stone Energy (NYSE:SGY) Downgraded by CapitalOne Southcoast
Atlas Energy (Nasdaq:ATLS) and Stone Energy (NYSE:SGY) smaller, regional players in the oil and gas sector, were both downgraded by CapitalOne Southcoast from "Add" to "Neutral."
Atlas has had an up and down year, which has gone nowhere over the last twelve months, dropping to a little lower than they were a year ago.
Stone Energy was level from November 2009 to April 2009, but the bottom dropped out from April through August, and they started to regain some ground, although they're not back to November levels yet.
Stone closed Wednesday at $16.09, gaining $0.29, or 1.84 percent. Atlas closed at $30.77, increasing $0.19, or 0.64 percent.
Atlas has had an up and down year, which has gone nowhere over the last twelve months, dropping to a little lower than they were a year ago.
Stone Energy was level from November 2009 to April 2009, but the bottom dropped out from April through August, and they started to regain some ground, although they're not back to November levels yet.
Stone closed Wednesday at $16.09, gaining $0.29, or 1.84 percent. Atlas closed at $30.77, increasing $0.19, or 0.64 percent.
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