Chesapeake Energy will acquire Bronco Drilling, which provides contract land drilling to oil and natural-gas exploration companies, for about $315 million, The Wall Street Journal reports. Chesapeake has offered to pay about $11 for each Bronco outstanding share.
Bronco’s biggest shareholders, who hold about 32% stake in the company, will tender their shares to the offer. Johnson Rice & Company acted as the financial adviser to Bronco, while Chesapeake was advised by Jefferies & Company, adds Reuters.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.