Petrohawk Energy Corp., Houston, (Nasdaq: HAWK) and KCS Energy Inc., Houston, (NYSE: KCS) have merged with an enterprise value of approximately $3.7 billion, with Petrohawk Energy the surviving company. KCS stockholders received $9 in cash and 1.65 shares of Petrohawk per KCS share, a consideration of $31.41 per share. More than 50 million outstanding KCS shares were converted into 82.6 million Petrohawk shares, and Petrohawk will issue 83.8 million shares and pay $450.3 million in cash as consideration to the KCS stockholders. KCS stockholders now own approximately 50% of the company.
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