Plains Resources Inc. announced Friday that Vulcan Energy completed its acquisition of the Houston-based oil and natural gas company, putting an end to competing suitor Leucadia Natural Corp.’s attempts to take over the company.
All outstanding shares of Plain Resources common stock will receive $17.25 in the transaction, all in cash. Vulcan Energy, an investment firm controlled by Microsoft Corp. co-founder Paul Allen, and Plain Resources’ Chairman James C. Flores and CEO John T. Raymond were partners in the deal, which takes the Houston upstream and midstream energy company private.
Plains Resources common stock ceased trading on the New York Stock Exchange after the close of trading Thursday. The stock was trading at $17.23 a share, close to the acquisition price.
Plain Resources had repeatedly fended off competing takeover offers made by Leucadia National, a holding company based in New York, over the past couple of months.
Plains Resources has a 24% equity ownership in Plains All American Pipeline LP. The liquid pipeline’s operations are concentrated in Texas, Oklahoma, California and Louisiana and in the Canadian provinces of Alberta and Saskatchewan. Plains Resources also is engaged in the acquisition, development and exploitation of crude oil and natural gas.
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