Enerplus Rallies On Acquisition News

(RTTNews) - Shares of oil and natural gas company Enerplus Corporation (ERF) are rising more than 15 percent Thursday morning on the news of it being acquired by Chord Energy Corporation (CHRD) in a cash and stock transaction. The combined company will have an enterprise value of about $11 billion.

As per the deal, shareholders of Enerplus will receive 0.10125 shares of Chord, and $1.84 per share in cash for each Enerplus share they own.

The company said that the transaction is expected to be accretive to all metrics, including cash flow per share, free cash flow per share, net asset value and return of capital.

ERF touched a new high of $18.94 this morning.