Range Resources To Buy Memorial Resource In Deal Worth $4.4B

Reuters

May 16 (Reuters) - Oil and gas producer Range Resources Corp said it would buy Memorial Resource Development Corp in an all-stock deal valued at $4.4 billion, including $1.1 billion in debt.

Memorial Resource's shareholders will receive 0.375 of Range Resource's share for each share they hold, the companies said on Monday.

The deal, valued at $15.75 per share, represents a 17 percent premium to Memorial Resource's Friday close.

(Reporting by Anet Josline Pinto in Bengaluru; Editing by Sayantani Ghosh)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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