Burlington Stockholders Okay ConocoPhillips Merger
Burlington Resources reports that its stockholders have approved the proposed merger with ConocoPhillips. The merger is expected to close on Friday.
"While this merger marks the end of Burlington Resources as an independent company, our legacy of disciplined, focused development of North American natural gas will continue as part of ConocoPhillips, one of our country's most respected integrated oil and gas companies," said Bobby Shackouls, Burlington's chairman, president and chief executive officer.
Based on a preliminary tally of shares voted at a special meeting in Houston on Thursday morning, Burlington said that approximately 280 million shares--or more than 74 percent of the total shares outstanding at the time--were voted in favor of the merger. Of the shares voted, more than 98 percent were voted in favor of the merger. Approval of the merger required the affirmative vote of a majority of the shares outstanding as of the record date for the special meeting, February 24, 2006. As of the record date, Burlington Resources had 375,620,120 shares of stock outstanding.
Under the terms of the merger agreement, Burlington stockholders will receive $46.50 in cash and 0.7214 shares of ConocoPhillips stock for each share of Burlington Resources stock.
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