NGAS Resources, Inc. (NGAS) To Be Acquired By Magnum Hunter Resources (MHR)
NGAS Resources, Inc. announced that the company will be acquired by Magnum Hunter Resources Corporation, an exploration and production company with extensive experience in oil and gas development in the onshore area of the United States. Magnum Hunter Resources Corporation will issue 0.0846 shares of its common stock in exchange for each share of NGAS Resources, Inc. that is outstanding. This exchange ratio values NGAS Resources, Inc. at $0.55 per share, a 41% premium to the closing price of the company prior to the deal. The value of the deal is $98 million on an enterprise value basis, which includes…