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Stone Energy to buy Bois d'Arc Energy for $1.8 billion

By Associated Press
April 30, 2008 | Comments (0)

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Stone Energy says it will buy Bois d'Arc Energy in a cash and stock deal for about $24.85 per share.

The companies value the deal at about $1.8 billion.

Under the deal's terms, Bois d'Arc stockholders will receive $13.65 in cash and 0.165 shares of Stone common stock for each share of Houston-based Bois d'Arc they own. The offer price values the company at about $24.85 per share, a 4 percent discount to Bois d'Arc Energy Inc.'s closing price Tuesday of $25.98.

Lafayette, La.-based Stone Energy Corp. expects to fund the deal with cash and borrowings from a new credit facility and a stock offer.

The deal is expected to close in the third quarter, pending shareholder and regulatory approvals.

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