Company News: Frontier Oil, Holly Corp. to merge in $450 million deal

04/14/2003
Frontier Oil Corp., Houston, and Holly Corp., Dallas, have agreed to merge in a cash and stock deal valued at about $450 million. The resulting combined company, to be called Frontier Oil Corp., will own five refineries having a combined capacity of more than 260,000 b/d.Holly stockholders are expected to receive one share of Frontier common stock for each outstanding share of Holly common stock, plus a $172.5 million cash payment. The stock and cash merger consideration would have a value of $28.96/share, representing a premium of 31% to Holly's stockholders based on Mar. 28 closing prices.Previously, Holly agreed to acquire ConocoPhillips's 25,000 b/d Woods Cross refinery near S...
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