Oil and natural gas company, Vanguard Natural Resources, has placed its $567 million bid for Encore Energy Partners’ (ENP) remaining shares it does not already own, Reuters reports. The Houston-based company already owns a 46% stake in ENP.

As per the deal, each Encore Energy unit will get 0.72 Vanguard unit, or $23.20 each. The transaction will value the Texas-based company at about $1.05 billion.

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