Diamondback Energy shareholders have approved the $26 billion merger with Endeavor Energy Resources. (Source: Shutterstock)
Diamondback Energy’s shareholders have spoken, approving the $26 billion merger with Endeavor Energy Resources LP that will add 344,000 net Midland Basin acres and about 2,300 core drilling locations.
Pro forma, Diamondback’s oil production will grow to an average 468,000 bbl/d (816,000 boe/d) from 273,000 bbl/d (463,000 boe/d). Analysts at Stifel have said the combined company will have a market value of more than $50 billion.
Diamondback said its stockholders approved the issuance of shares of Diamondback common stock in connection with the Endeavor merger, according to an April 26 press release.
Diamondback stockholders also approved a proposal to amend the company's certificate of incorporation to increase the authorized number of shares of Diamondback common stock.
The final voting results from Diamondback's special meeting of stockholders will be set forth in a Form 8-K to be filed by Diamondback with the U.S. Securities and Exchange Commission.
The business combination with Endeavor is subject to customary closing conditions, including termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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