Apollo Successfully Completes Acquisition of Parallel Petroleum Corporation
2009年11月26日 - 3:20AM
ビジネスワイヤ(英語)
Parallel Petroleum Corporation and PLLL Holdings, LLC, an entity
formed for the purpose of acquiring Parallel Petroleum Corporation
(NASDAQ: PLLL) (“Parallel”), today announced the successful
completion of the merger of PLLL Acquisition Co. with and into
Parallel, with Parallel surviving the merger.
On September 15, 2009, Parallel announced that it had entered
into a definitive agreement to be acquired by an affiliate of
Apollo Global Management, LLC, a leading global alternative asset
manager. The aggregate value of the transaction is approximately
$483 million.
At the time of the merger, all outstanding shares of Parallel’s
common stock not validly tendered and accepted for payment in the
previously completed tender offer were converted, subject to
appraisal rights, into the right to receive $3.15 in cash per
share, net to the holder in cash, without interest and less any
applicable withholding taxes (the same price as was paid in the
tender offer). Remaining former stockholders of Parallel will be
mailed materials necessary to exchange their former Parallel shares
of common stock for such payment.
Parallel’s common stock will cease trading on the NASDAQ Global
Select Market at market close on November 25, 2009 and will no
longer be listed.
About Apollo
Apollo is a leading global alternative asset manager with
offices in New York, Los Angeles, London, Singapore, Frankfurt and
Mumbai. Apollo had assets under management of over $38 billion as
of June 30, 2009 in private equity and credit-oriented capital
markets funds invested across a core group of industries where
Apollo has considerable knowledge and resources.
About Parallel Petroleum Corporation
Parallel Petroleum is an independent energy company
headquartered in Midland, Texas, engaged in the exploitation,
development, acquisition and production of oil and gas using 3-D
seismic technology and advanced drilling, completion and recovery
techniques. Parallel’s primary areas of operation are the Permian
Basin of West Texas and New Mexico, North Texas Barnett Shale,
Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado.
Additional information on Parallel is available via the internet at
www.plll.com.
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