Seeking Alpha

Linn Energy, LinnCo surge on apparent progress in Berry buyout

  • Linn Energy (LINE +10.5%) and LinnCo (LNCO +8.5%) power higher as its proposed plans to buy Berry Petroleum (BRY +1.1%) appear to be moving forward.
  • Janney Capital views the action as "an expression of confidence" it will be the final round of comments from the SEC and that the companies will soon have clearance to proceed with a shareholder vote; the firm says the update is a positive development in a long SEC review process amid of a flurry of negative reports on Linn's hedging practices and accounting.
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Comments (17)
  • northhills24
    , contributor
    Comments (1679) | Send Message
     
    several authors here were wrong on this deal being dead .. huh?
    sorry to all those who followed their mislead and sold.
    11 Sep 2013, 01:22 PM Reply Like
  • Chancer
    , contributor
    Comments (3516) | Send Message
     
    Some authors are still claiming today that Hedgeye was correct because the share price is down. The share price is down because of a coordinated short attack that turned into an SEC investigation that delayed the merger. That in no way proved that Hedgeye was correct.

     

    I hope that the SEC promptly completes their work and that the merger will not proceed with a recovering share price.
    11 Sep 2013, 01:40 PM Reply Like
  • Norman Tweed
    , contributor
    Comments (7487) | Send Message
     
    You said it northhills24! And I agree with you 100%!
    11 Sep 2013, 02:42 PM Reply Like
  • Chancer
    , contributor
    Comments (3516) | Send Message
     
    Excuse the "not". I meant "the merger WILL proceed."
    11 Sep 2013, 03:56 PM Reply Like
  • Jason Burack
    , contributor
    Comments (1817) | Send Message
     
    Even if the Berry deal did not go through there were lots of other oil producers selling at very low valuations for Linn to buy. Valuations are very low for many oil producers.
    11 Sep 2013, 04:54 PM Reply Like
  • Jason Burack
    , contributor
    Comments (1817) | Send Message
     
    Hedgeye is trying the same thing with Kinder Morgan.
    11 Sep 2013, 04:55 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2811) | Send Message
     
    The deal still hasnt been approved, and BRY is still trading well above the offer price, so I'd say the deal being locked up is far from certain.
    11 Sep 2013, 05:36 PM Reply Like
  • RWMostow
    , contributor
    Comments (1565) | Send Message
     
    North:

     

    I sat tight. Thanks for your encouragement!

     

    Long: LNCO

     

    -rwm
    11 Sep 2013, 10:57 PM Reply Like
  • YellowLab1
    , contributor
    Comments (134) | Send Message
     
    Cautiously optimistic here on this potentially very good news. Everyone who follows Linn closely knows with the closing of the Berry deal the name could/should move up sharply from here toward $40 a share.
    Hoping management of both Linn and Berry are burning the midnight oil (pun intended) moving things forward for domestic energy strength for decades to come.
    11 Sep 2013, 01:40 PM Reply Like
  • Petrarch
    , contributor
    Comments (978) | Send Message
     
    "apparently"...I love it

     

    the last gasp of the FUD sters.

     

    P
    11 Sep 2013, 01:50 PM Reply Like
  • LaChic
    , contributor
    Comments (602) | Send Message
     
    Well, it seems that the berry deal is not dead after all, and congratulations are in order.
    11 Sep 2013, 02:19 PM Reply Like
  • tuliptown
    , contributor
    Comments (1180) | Send Message
     
    taking deep breadth .... whew!
    11 Sep 2013, 03:24 PM Reply Like
  • Be Here Now
    , contributor
    Comments (5304) | Send Message
     
    At the close, LINE up 12.77%, LNCO up 12.02%.
    11 Sep 2013, 05:21 PM Reply Like
  • RWMostow
    , contributor
    Comments (1565) | Send Message
     
    Be-

     

    LNCO Up another 1.22% AH (per Yahoo Finance).

     

    -rwm
    11 Sep 2013, 11:05 PM Reply Like
  • Be Here Now
    , contributor
    Comments (5304) | Send Message
     
    AH volume is 265 (not a typo) according to bigcharts. Nothing to get excited about.

     

    Today's volume was nice but not decisive. I want to see the OBV rising above where it was at the start of July, and there is a long way to go. Assuming most of that down volume was short selling, there is still a lot of short covering yet to happen.

     

    The only really important news will be when the Berry deal closes. That will shake out the last of the shorts.
    12 Sep 2013, 03:18 AM Reply Like
  • skokievalley1
    , contributor
    Comments (203) | Send Message
     
    Great News! Let the SEC come out with it's ruling and let
    The merger proceed!
    I think we should now look at KMP!
    Patience and the courage of one's convictions is the lesson!
    11 Sep 2013, 07:00 PM Reply Like
  • reader
    , contributor
    Comments (327) | Send Message
     
    The developments today are a bright sign but the deal is not done until it is approved by share holders of both companies. "Never count your money while you're sitting at the table. They'll be time enough for count'in when the deal is done." Kenny Rogers, The Gambler.
    11 Sep 2013, 07:02 PM Reply Like
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