Battalion Oil (BATL) said late Thursday that Fury Resources will acquire the company for $7 per share in cash, without interest, under an amended deal.
In December, Fury had agreed to acquire Battalion Oil for $9.80 per share in cash, representing a transaction value of roughly $450 million.
Battalion Oil said late Thursday that Luminus Management, Gen IV Investment Opportunities, and funds and accounts managed by Oaktree Capital Management have agreed to contribute their entire preferred stock of the company to Fury in exchange for new Fury preferred shares.
Fury also confirmed to Battalion Oil that it has received certain capital commitments to complete the transaction, which is expected to close in Q4.
Battalion Oil shares were up 121% in after-hours activity.
Price: 6.5500, Change: +3.61, Percent Change: +122.79
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