Pengrowth Gains NAL's Light Oil In $1.9B Stock Merger

Law360, New York (March 23, 2012, 12:59 PM EDT) -- Canadian oil and gas producer Pengrowth Energy Corp. will merge with NAL Energy Corp. in an all-stock deal valued at $1.9 billion, an attempt to boost its light oil holdings and move away from cheap natural gas, Pengrowth said Friday.

NAL stockholders will receive 0.86 shares of Pengrowth for each share of NAL they own. The swap rate represents a 9.7 percent premium over NAL's Thursday closing price, the companies said.

The acquisition is meant to bolster Pengrowth's light crude interests and provide new cash to...
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