UPDATE: Forestar (FOR) Will Acquire Credo Petroleum (CRED) for $14.50/Share

June 4, 2012 8:33 AM EDT
(Updated - June 4, 2012 8:34 AM EDT)

Credo Petroleum (Nasdaq: CRED) trading halted to announce: Forestar (NYSE: FOR) will acquire the company for $14.50/share, or approximately $146 million in the aggregate. The transaction has also been approved by the board of directors of Forestar.

The transaction is expected to close in the second half of 2012, and is subject to a number of customary closing conditions, including approval of Credo's stockholders. The transaction is not subject to approval by Forestar stockholders nor is it subject to any financing conditions.

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