Berry Petroleum (BRY) stockholders will now receive 1.68 shares of LinnCo (LNCO) for each share of Berry they own, up from 1.25 shares previously and bringing the size of the deal to $4.9B, including the assumption of debt.
LinnCo's stock was in the mid-high $30s when the deal was announced in February and closed at $33.21 last night.
Linn Energy (LINE) and Berry Petroleum CEOs: "The boards and management teams of LINN and Berry remain committed to completing this merger."
The merger termination date is extended to January 31 from October 31; a shareholder vote is tentatively set for mid-December.
Linn Energy reschedules its quarterly earnings call to tomorrow at 11ET at which it will also discuss the Berry merger.
Stocks are halted and will resume trading at 7:30 ET.