Nexen Inc. (T.NXY) hit a new 52-week high of $26.50 Monday. Nexen and CNOOC Limited announced today that they have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for $27.50 U.S. per share in cash. The purchase price represents a premium of 61% to the closing price of Nexen's common shares on the NYSE on July 20, and a premium of 66% to Nexen's 20 trading-day volume-weighted average share price.
Total cash consideration of approximately $15.1 billion U.S. will be paid for Nexen's common and preferred shares, and Nexen's current debt of approximately $4.3 billion U.S. will remain outstanding. The transaction, which will be completed by way of a plan of arrangement, is expected to close in the fourth quarter of 2012.
Intertape Polymer Group Inc. (T.ITP) hit a new 52-week high of $8.47 Monday. No news announcements today
