LINN Energy, Inc. (ticker: LNGG) announced the commencement of a tender offer to purchase for cash up to 7,386,364 shares of its Class A common stock.
The stock purchase price will be $44.00 per share, the company said in a brief statement. The number of shares proposed to be purchased in the tender offer represents approximately 8.8% of the company’s Class A common stock. On December 19, 2017 the closing price for the company’s Class A common stock was $37.85 per share.
Stockholders will receive the purchase price in cash, subject to applicable withholding and without interest, subject to the conditions of the tender offer, including the provisions relating to proration and conditional tenders in the event that the number of shares properly tendered and not properly withdrawn exceeds 7,386,364.
According to LINN Energy’s press release, The tender offer will not be conditioned upon any minimum number of shares being tendered; however, the tender offer will be subject to a number of other terms and conditions specified in the Offer to Purchase. The tender offer and withdrawal rights will expire at 11:59 p.m., New York City time, on Friday, January 19, 2018, unless extended or terminated.
