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News > Deals
Devon buying Mitchell
August 14, 2001: 7:56 a.m. ET

Acquisition of natural gas producer valued at $3.1B cash and stock
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NEW YORK (CNNfn) - Devon Energy Corp., a natural gas producer, has agreed to acquire rival Mitchell Energy & Development Corp. for $3.1 billion in cash and stock, the companies said Tuesday.

Under terms of the agreement, Mitchell's (MND: Research, Estimates) shareholders would receive $31 cash and 0.585 share of Devon (DVN: Research, Estimates) common stock for each of their shares, the companies said. The combined offer represents a 36 percent premium based on Mitchell's closing price Monday of $45.65 a share.

Devon also would assume about $400 million of debt and other obligations from Mitchell.

The transaction would make Devon the nation's second-largest independent natural gas producer, the companies said.

Devon shares closed Monday at $50.26, up 47 cents. graphic




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