Battalion oil corporation announces acquisition by fury resources, inc.

Houston, texas, dec. 15, 2023 (globe newswire) -- battalion oil corporation (nyse american: batl) (“battalion” or the “company”) announced today that it had entered into an agreement and plan of merger (the “merger agreement”) with fury resources, inc. (“buyer” or “parent”), pursuant to which parent will acquire all of the outstanding shares of common stock of the company (the “common stock”), for $9.80 per share in cash (the “merger consideration”), which represents a total transaction value of approximately $450 million. the preferred stock of the company held by luminus management llc and funds and accounts managed by oaktree capital management, l.p., or their respective affiliates (collectively, the “rollover stockholders”), will be contributed to buyer in exchange for new preferred shares of buyer, or sold to buyer for cash, in each case at a valuation based on the conversion or redemption value of such preferred stock.
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