Whiting Petroleum , one of the largest oil producers in the booming Bakken formation of North Dakota, is acquiring Kodiak Oil and Gas, another leading company in the region, in an all-stock deal worth about $6bn including debt. The agreed deal is worth slightly less than Kodiak’s valuation at the end of last week, which gave it a market capitalisation of $3.78bn. It amounts to $13.90 per share, based on Whiting’s closing price of $78.54 on Friday, against Kodiak’s price of $14.23 at the end of the week. More On this topic IN Oil & Gas It also represents a premium of just 5 per cent to Kodiak’s average share price over the preceding 60 days. Under the terms, Kodiak shareholders will receive 0.177 of a Whiting share for every one they own in Kodiak, meaning that they will hold 29 per cent of the merged company. Whiting will […]