Statoil ASA on Oct. 28 said it has commenced its tender offer for Brigham Exploration Co. at a price of $36.50/share.
Earlier this month, Statoil and Brigham announced a definitive $4.4 billion merger agreement (OGJ, Oct. 24, 2011, p. 24).
Statoil and Brigham both filed documents with the US Securities and Exchange Commission. Brigham’s board recommends shareholders accept the offer.
The offer and withdrawal rights are scheduled to expire Nov. 30, unless extended or earlier terminated.