Oil refiner Holly Corp agreed to buy rival Frontier Oil Corp for $2.85 billion to create an independent refiner that will serve the mid-continent, Rocky Mountain and Southwest markets and access Canadian crude oil supplies. Under the terms of the deal, Frontier shareholders will get 0.4811 Holly shares for each share of Frontier common stock. That would value Frontier at about $26.99 a share, about 4 percent discount to the stock's Friday close of $28.12.
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