UPDATE: Whitecap Down 3% in Heavy Trading After Announcing $60M Acquisition of Invicta
Whitecap Resources Inc. (WCP.TO) fell 3% in heavy trading after the company announced an agreement to acquire all the issued and outstanding common shares of Invicta Energy (VCA.V). The total transaction value is approximately $60.2 million, including the assumption of net debt.
Invicta shareholders will receive, at their election, for each Invicta share held, either: (i) 0.05891 of a Whitecap common share; or (ii) $0.51911 in cash, subject to an aggregate cash maximum of $10.7 million.
WCP was down 3% to $9.18 on volume of more than 30 million.
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