Kerr-McGee Is Given The Green Light
|Thursday, June 07, 2001
Kerr-McGee Corp. announced that it has been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, in regards to the $1.7 billion acquisition of HS Resources, Inc. Kerr-McGee announced the signing of a definitive agreement with HS Resources to acquire all of the outstanding shares of HS Resources on May 14, 2001. The agreement, unanimously approved by the boards of directors of both companies, provides that Kerr-McGee will pay $66 for each share of HS Resources' common stock. The payment consists of 70% cash and 30% Kerr-McGee common stock issued at a fixed exchange ratio of .9404 shares for each share of HS Resources' common stock.
The transaction, which is subject to the approval of HS Resources' shareholders and other customary closing conditions, is expected to be completed during the third quarter of this year.