Holly Corp./Frontier Oil
On February 22, 2011, Holly Corporation (NYSE: HOC) and Frontier Oil Corporation (NYSE: FTO) announced a merger of equals.
Under the agreement, Frontier shareholders will receive 0.4811 Holly shares for each share of Frontier common stock. Upon closing of the transaction, Holly shareholders are expected to own approximately 51% and Frontier shareholders are expected to own approximately 49% of the combined company, which will be named HollyFrontier Corporation.
Closing is expected in Q311.
Total value of the enterprise following the merger, at today's market prices, will be $7 billion.
Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated are acting as financial advisors to Holly and Vinson & Elkins is acting as its legal advisor. Citi and Credit Suisse Securities (USA) LLC are acting as financial advisors to Frontier and Andrews Kurth LLP is acting as its legal advisor.
Under the agreement, Frontier shareholders will receive 0.4811 Holly shares for each share of Frontier common stock. Upon closing of the transaction, Holly shareholders are expected to own approximately 51% and Frontier shareholders are expected to own approximately 49% of the combined company, which will be named HollyFrontier Corporation.
Closing is expected in Q311.
Total value of the enterprise following the merger, at today's market prices, will be $7 billion.
Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated are acting as financial advisors to Holly and Vinson & Elkins is acting as its legal advisor. Citi and Credit Suisse Securities (USA) LLC are acting as financial advisors to Frontier and Andrews Kurth LLP is acting as its legal advisor.
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Holly Energy Partners Announces Management Changes
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HollyFrontier Corp (HFC) Completes Merger to Become Most Profitable Independent Refiner in U.S.
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Frontier Oil (FTO) Shareholders Approve Merger with Holly Corp (HOC)
