by William White | July 2, 2013 9:38 am
Linn Energy (LINE) and LinnCo (LNCO) announced Monday that the Securities and Exchange Commission is conducting an informal inquiry into the companies.
The inquiry will take a look into both company’s financial disclosures and the proposed merger with Berry Petroleum (BRY).
“The impact of the inquiry on the timing of LinnCo’s proposed merger with Berry Petroleum Company is difficult to predict, LinnCo and LINN remain committed to the completion of the transaction,” Linn Energy told The Street.
In February, Linn and LinnCo agreed to buy Berry for $2.5 billion in stock in an effort to expand its presence. The deal had LinnCo offering 1.25 of its shares for one of Berry’s shares, reports The Wall Street Journal.
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