Crescent Point to acquire Hammerhead Energy for C$21 per share

Hammerhead (HHRS) announced that it had entered into a definitive arrangement agreement with Crescent Point Energy Corp. (CPG) pursuant to which Crescent Point has agreed to acquire all of the issued and outstanding Class A common shares of Hammerhead for total consideration of C$21.00 per Hammerhead Share. The proposed transaction is to be completed by way of a plan of arrangement under the Business Corporations Act and is expected to close in late December. Pursuant to the Transaction, each Hammerhead Share will be exchanged for C$15.50 of cash consideration and C$5.50 in value in the form of common shares of Crescent Point, based on the offering price of the concurrent equity offering announced by Crescent Point. Hammerhead will seek approval of the transaction by its shareholders at a special meeting expected to be held in late December. The Transaction is also subject to customary closing conditions, including receipt of court approval, Hammerhead shareholder approval at the meeting and customary regulatory and stock exchange approvals, including under the Competition Act. Upon closing of the transaction, the Hammerhead Shares will be de-listed from the TSX and NASDAQ.