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Wednesday, December 17, 2014
Talisman Energy Inc. and Repsol entered into a definitive agreement that has Repsol acquiring all outstanding common shares of Talisman for $8.00 per share in cash. The purchase price for the common shares represents a 75% premium to the 7-day volume weighted average share price and a 60% premium to the 30-day volume weighted average price.
The total value of the transaction is approximately $13 billion, including Talisman’s current debt. In addition, under the transaction, Talisman will be allowed to pay aggregate cash dividends of $0.18 per common share prior to closing, including the dividend declared and payable on December 31.
The combination of the two companies creates a global E&P company with improved scale, enhanced capabilities and more attractive opportunities for future growth. The combined company will possess the financial flexibility necessary to maximize the value of Talisman’s large undeveloped resource base.
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