RTTNews | May 24, 2021 09:57AM EDT

09:57 Monday, May 24, 2021 (RTTNews.com) - Shares of Cimarex Energy Co. (XEC) are slipping nearly 8% on Monday morning after the oil company agreed to unite with Cabot Oil & Gas (COG) in an all-stock merger of equals.

XEC is currently trading at $65.79, down $5.40 or 7.58%, on the NYSE.

The merger will create an enterprise value for the combined companies of about $17 billion. Upon completion of the transaction, Cabot shareholders will own around 49.5% and Cimarex shareholders will own about 50.5% stake.

The combined company will operate under a new name and plans to be headquartered in Houston and maintain its regional offices. The transaction is expected to close in the fourth quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3197022/stock-alert-cimarex-energy-down-8-on-merger-deal-with-cabot-oil-gas.aspx)

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