Canadian heavy oil producer Baytex Energy Corp has agreed to purchase Aurora Oil & Gas Ltd for C$2.6 billion ($2.4 billion) including debt, targeting the Australian company's Texas shale oil assets and driving its shares to a 15-month high.Baytex is offering A$4.10 for each share of the Perth-based oil producer, a 52 percent premium to its average price in the past week, valuing the company at A$1.84 billion ($1.65 billion), Aurora said in a statement.Baytex said it would pay C$1.8 billion for the shares and assume C$744 million of Aurora's long-term debt."The deal looks very good ... very healthy premium, and obviously on a number of multiples looks very attractive for Aurora shareholders," Bank of America Merrill Lynch analyst James Bullen said in Sydney.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 1.77% or $0.29/share to $16.69. In the past year, the shares have traded as low as $10.98 and as high as $17.42. On average, 105501000 shares of BAC exchange hands on a given day and today's volume is recorded at 110229400.
Baytex Energy Corp. (Baytex), through its subsidiaries, are engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (in the provinces of British Columbia, Alberta and Saskatchewan) and in the United States (in the states of North Dakota and Wyoming). Shares of BTE traded higher by 1.24% or $0.46/share to $37.62. In the past year, the shares have traded as low as $34.71 and as high as $47.47. On average, 202889 shares of BTE exchange hands on a given day and today's volume is recorded at 289996.
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