10:49 AM EST, 11/10/2021 (MT Newswires) -- Storm Resources Ltd. (SRX.TO) said overnight Tuesday that it agreed to be acquired by Canadian Natural Resources Ltd. (CNQ.TO) for $6.28 per share, with closing expected in December.
Storm at last look climbed 6.3% on the TSX, while Canadian Natural is down 1% on both the NYSE and the TSX in early Wednesday trading.
Storm said the purchase price valued the company at about $960 million, including transaction related expenses and decommissioning obligations.
The purchase price represents an an all-time high share price for Storm and a 10% premium to Storm's 10-day volume-weighted average trading price. The agreement provides for a non-completion fee of $43.5 million.
Storm's board recommended securityholders vote in favor of the transaction during a special meeting in December.
AN other steal for CNQ.
GLTALongs