Tellurian (NYSEMKT:TELL) stock is taking off on Monday after the natural gas company announced an acquisition deal with Woodside Energy.
This deal involves Woodside Energy agreeing to acquire all outstanding shares of TELL stock for $1 per share in cash. That’s a 75% premium to the stock’s prior closing price and a 48% premium to its 30-day volume-weighted average price.
The total enterprise value of the offer for Tellurian comes to approximately $1.2 billion, including net debt. It already has the support of both companies’ boards of directors and is expected to close in the fourth quarter of this year.
Martin Houston, executive chairman of the Tellurian board, said the following about the deal with Woodside Energy:
“After careful consideration of Tellurian’s opportunities and challenges, the Board and senior management weighed an immediate and significant cash return against the risks and costs associated with the timeline to FID and determined that this offer is in our shareholders’ best interest.”
How This Affects TELL Stock Today
TELL stock is on the rise alongside the acquisition news. That has the stock climbing 65.5% higher as of this morning. Investors will note that TELL stock was down nearly 24% year-to-date when markets closed on Friday.
Today’s news is also causing shares of Tellurian Inc. 8.25% Senior Notes due 2028 (NYSEMKT:TELZ) to rise higher. This has the senior notes gaining 35.8% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
