Enerplus-Chord Energy deal receives shareholder and Investment Canada Act approval

Enerplus Corp. says its shareholders have voted to approve a takeover of the company by U.S. company Chord Energy Corp. The corporate logo of Enerplus Corp. is seen in this undated handout photo. THE CANADIAN PRESS/HO, Enerplus

CALGARY — Enerplus Corp. says its shareholders have voted to approve a takeover of the company by U.S. company Chord Energy Corp.

The Calgary-based oil and gas company says shareholders voted 99.6 per cent in favour of the stock-and-cash deal.

Enerplus also says the transaction has received Investment Canada Act approval.

Under the terms of the agreement, Enerplus shareholders will receive 0.10125 shares of Chord common stock and US$1.84 per share in cash for each Enerplus share they hold.

Once the deal is complete, Chord shareholders will own about two-thirds of the combined company, while Enerplus shareholders will own one-third.

Enerplus says the deal is expected to close on or about May 31, subject to court approval and the satisfaction or waiver of other customary closing conditions.

This report by The Canadian Press was first published May 24, 2024.

Companies in this story: (TSX:ERF)

The Canadian Press

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