Pioneer Natural Resources Offers to Buy Out Pioneer Southwest Energy Partners; Shares Soar 20%

By
A A A

Pioneer Southwest Energy Partners L.P. ( PSE ) says that the company was approached by Pioneer Natural Resources Company ( PXD ) to acquire all of the outstanding, publicly held Pioneer Southwest common units Pioneer does not already own through a stock-for-unit exchange.

PXD is proposing consideration of 0.2234 of a share of its common stock for each outstanding publicly held PSE common unit. The proposed transaction would be structured as a merger of Pioneer Southwest with a wholly owned subsidiary of Pioneer.

The proposal was referred to PSE's conflicts committee, which will study, review and evaluate the proposal. Pioneer owns 100% percent of the general partner of Pioneer Southwest and owns approximately 52.4% of the 35,713,700 outstanding common units of Pioneer Southwest.

Shares of PSE are up almost 20% to $31.25 in the after-hours session, while PXD is down 0.21% to $137.50.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: PSE , PXD

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

100%

Most Active by Volume

67,310,517
  • $100.53 ▲ 1.38%
50,893,843
  • $8.02 ▲ 2.56%
48,783,882
  • $10.25 ▲ 3.85%
43,859,280
  • $5.39 ▼ 4.09%
41,392,452
    $15.45 unch
31,440,620
  • $8.09 ▲ 3.45%
30,705,588
  • $3.11 ▲ 0.97%
28,829,509
  • $3.87 ▲ 19.44%
As of 8/19/2014, 04:03 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com