Whitecap Resources and Veren Inc. Finalize Business Combination

Whitecap Resources Inc. and Veren Inc. Business Combination Finalized

Whitecap Resources Inc. (TSX: WCP) and Veren Inc. (TSX: VRN) have reached an important milestone in their merger journey. The Court of King’s Bench has granted the final order to facilitate their previously announced plan of arrangement. This merger, officially recognized as a Business Combination, is set to enhance Whitecap’s portfolio significantly. Under the terms of the agreement, current Veren shareholders will exchange their common shares for 1.05 shares of Whitecap for each share held.

Approval from Shareholders

Before the final order, approval was sought from the shareholders of both companies. On the designated date, representatives from both Whitecap and Veren gathered for special meetings, successfully obtaining the green light required for this significant transaction. The transition highlights the confidence in this collaborative effort, ensuring that both parties are aligned for a successful integration.

Next Steps for Integration

The integration process carries a timeline structured around the business combination agreement. The completion of this merger is projected soon, with plans hinging on timelines and the fulfillment of conditions laid out in the agreement. Once finalized, Veren’s common shares will be delisted as anticipated shortly after the merger is completed, marking a new chapter for both organizations.

Impact on U.S. Investors

U.S. investors should be aware that the trading of Veren’s shares on the New York Stock Exchange (NYSE) will conclude as part of this transition plan. Whitecap, while enhancing its operations, will not pursue any additional listings on the NYSE. Furthermore, Whitecap has indicated plans to discontinue any reporting obligations with the Securities and Exchange Commission (SEC), which may affect investors holding shares in a non-reporting firm.

Management Contact Information

For stakeholders seeking further insights or clarity surrounding the merger, key executives from both companies are available for inquiries.

Whitecap Resources Inc.
Grant Fagerheim, President & CEO
(403) 266-0767
3800, 525 – 8th Avenue SW, Calgary, AB T2P 1G1
Veren Inc.
Craig Bryksa, President & CEO
(403) 693-0020
2000, 585 – 8th Avenue SW, Calgary, AB T2P 1G1

About Whitecap Resources Inc.

Whitecap Resources focuses on acquiring and developing oil and natural gas properties to maximize shareholder value through growth and the prudent use of capital. With a commitment to enhancing its operational efficiencies and expanding its resource base, Whitecap aims to solidify its leadership position in the energy sector.

About Veren Inc.

Veren Inc. is dedicated to providing sustainable energy solutions while emphasizing growth, innovation, and community engagement. Through strategic partnerships and responsible business practices, Veren strives to enhance its service offerings and expand its market reach.

Frequently Asked Questions

What is the significance of the Business Combination?

The Business Combination allows Whitecap to acquire Veren, enhancing its operational capabilities and shareholder value.

When is the expected completion date of the merger?

The merger is expected to complete soon, with specific timelines contingent on the satisfaction of outlined conditions.

What happens to Veren's shares following the merger?

Following the merger, Veren's shares will be delisted from the Toronto Stock Exchange.

How will this affect U.S. investors?

U.S. investors should consult advisors regarding the implications of holding shares in a non-listed entity post-merger.

Who should I contact for more information?

For inquiries, stakeholders can reach out to Grant Fagerheim at Whitecap or Craig Bryksa at Veren, along with their respective teams, for assistance.

About The Author

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