Denbury Resources (DNR) agrees to acquire Encore Acquisition Co. (EAC) in a transaction worth...

|About: Denbury Resources Inc. (DNR)|By:, SA News Editor

Denbury Resources (DNR) agrees to acquire Encore Acquisition Co. (EAC) in a transaction worth $4.5B, including the assumption of $1.25B in debt. Denbury will pay $50 for each share of EAC - $15 in cash and $35 in stock - a 35% premium to Friday's close. The combo will have one of the largest reserves of crude among independents. JPMorgan (JPM) to provide Denbury with a new $1.6B line of credit and another $1.25B in bridge financing.