On the surface, NGL shareholders are only receiving about $3.85 cash if they choose to. It also looks like shareholders can opt to recieve their position in BXE shares. BXE is a very strong company which is growing and has wonderful management . Look at what their SP has done over the years when other have been sucking.
This is what the management of NGL have said about the deal:
"Angle's shareholders will benefit from this business combination with Bellatrix, which is the successful result of a comprehensive review of strategic alternatives available to Angle, announced in July," said Gregg Fischbuch, Chief Executive Officer of Angle. "This complementary transaction creates one of the largest Cardium producers and landholders in Alberta and provides Angle shareholders an attractive price, with significantly enhanced liquidity and the opportunity for ongoing participation in a larger and well capitalized combined company."
"We believe the combined entity will have the size, technical strength, financial resources and extensive inventory of high-quality light oil and liquids-rich gas locations to provide our shareholders with the opportunity for significant capital appreciation," said Heather Christie-Burns, President and Chief Operating Officer of Angle
Also, BXE is rated very well. It's got a Strong Buy recommnedation on it. Alice Tsang just rated as a Top Pick a few week ago. Here is what she said about BXE:
Very impressive management team. Have been building a resource as well as production, pretty much organically. Through the years they have done very well. Lately, to add more confidence to the team, they’ve announced 2 JV deals that will help them fast track and develop some of the land. Roughly about 12 years drilling inventory and have about $300 million in JV now. Sees a lot more growth to come. Valuation is extremely attractive at about 3-4 times cash flow. Very conservative on the debt front. Can see the stock doubling from here. (Host comment: Street sentiment is that the stock will grow 40% in the next year.)