Parallel Petroleum Agrees To $483M Buyout By Apollo

Law360, New York (September 15, 2009, 6:47 PM EDT) -- An affiliate of alternative asset manager Apollo Global Management LLC plans to acquire Texas-based energy company Parallel Petroleum Corp. in a transaction valued at about $483 million, Parallel said Tuesday.

Parallel stockholders will receive $3.15 per share in cash, representing a premium of 56 percent over the company's average closing share price over the past 30 trading days and 63 percent over Parallel's average closing share price over the past 60 trading days, Parallel said.

The deal includes the assumption or repayment of about $351 million...
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