Apollo Successfully Completes Tender Offer for Shares of Parallel Petroleum Corporation
October 30 2009 - 7:30AM
Business Wire
Parallel Petroleum Corporation (“Parallel”), PLLL Acquisition
Co. and PLLL Holdings, LLC, entities formed for the purpose of
acquiring Parallel Petroleum Corporation (NASDAQ: PLLL) and wholly
owned subsidiaries of an affiliate of Apollo Global Management,
LLC, today announced that the subsequent offering period of the
tender offer for all of the outstanding shares of common stock of
Parallel, including the associated preferred stock purchase rights
(collectively, the “Shares”), expired at 5:00 p.m., New York City
time, on Thursday, October 29, 2009. Computershare Trust Company,
N.A., the disbursing agent for the tender offer, has advised that,
as of the expiration of the subsequent offering period, a total of
36,390,826 Shares were validly tendered during the initial offering
period and subsequent offering period, representing approximately
87.38% of the outstanding Shares. In accordance with the terms of
the tender offer, PLLL Acquisition Co. has accepted for payment and
promptly paid for all Shares validly tendered during the subsequent
offering period.
In accordance with the merger agreement between PLLL Acquisition
Co., PLLL Holdings, LLC and Parallel, dated as of September 15,
2009, PLLL Holdings, LLC will carry out a second-step merger as a
result of which Parallel will become a wholly owned subsidiary of
PLLL Holdings, LLC. As a result of the purchase of Shares in the
tender offer, PLLL Holdings, LLC has sufficient voting power to
approve the merger without the affirmative vote of any other
Parallel stockholder. In the merger, each Share not previously
purchased in the tender offer or subsequent offering period will be
converted, subject to appraisal rights, into the right to receive
the same $3.15 per Share price, without interest and subject to
applicable withholding taxes, that was paid in the tender offer and
subsequent offering period. After the merger, Parallel’s common
stock will cease to be traded on the NASDAQ Global Select
Market.
About Apollo
Apollo is a leading global alternative asset manager with
offices in New York, Los Angeles, London, Singapore, Frankfurt and
Mumbai. Apollo had assets under management of over $38 billion as
of June 30, 2009 in private equity and credit-oriented capital
markets funds invested across a core group of industries where
Apollo has considerable knowledge and resources.
About Parallel Petroleum Corporation
Parallel Petroleum Corporation is an independent energy company
headquartered in Midland, Texas, engaged in the exploitation,
development, acquisition and production of oil and gas using 3-D
seismic technology and advanced drilling, completion and recovery
techniques. Parallel’s primary areas of operation are the Permian
Basin of West Texas and New Mexico, North Texas Barnett Shale,
Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado.
Additional information on Parallel is available via the internet at
www.plll.com.
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