Denbury Resources, Encore merger on track to close in first quarter

By Lisa Kerner

Charlotte, N.C., Dec. 1 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Denbury Resources Inc. and Encore Acquisition Co., according to a government report.

As previously reported, Denbury agreed to acquire Encore in a cash-and-stock deal valued at approximately $4.5 billion, including the assumption of debt and the value of the minority interest in Encore Energy Partners LP.

Encore stockholders will receive $15.00 in cash and $35.00 in Denbury common stock subject to both an election feature and a collar.

Both oil and gas companies' boards of directors have approved the transaction, which is expected to close in the first quarter of 2010.

Denbury and Encore are oil and natural gas companies based in Plano, Texas, and Fort Worth, respectively.

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