Chesapeake Energy Corp. (CHK) and Bronco Drilling (BRNC) Ink Acquisition Agreement for $315M
Chesapeake Energy Corp. and Bronco Drilling Company Inc. announced that they have entered into a definitive agreement in which Chesapeake will acquire Bronco for approximately $315 million, including debt, net working capital and outstanding warrants. Per the agreement, Chesapeake will acquire all outstanding shares of Bronco common stock at a price of $11 per share, which represents premiums of 6% and 24% over the closing price of Bronco’s common stock on the NASDAQ on April 14, 2011. Chesapeake expects that the acquisition will contribute to its goal of owning about two-thirds of the rigs that it operates in its drilling…