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Byline: Claire Poole in Houston
The Deal's first take. Update by 4 p.m. EDT.
The Denver natural gas explorer Tom Brown Inc. said Wednesday, May 14, that it had signed a definitive agreement to acquire the privately held Dallas explorer Matador Petroleum Corp. for $373 million in cash and assumed debt.
Under the terms of the agreement, Matador shareholders would receive $17.53 per share and TBI would assume about $105 million of net debt.
The acquisition is expected to be accretive to TBI's earnings and cash flow this year and boost its proved reserves by an estimated 269 billion cubic feet equivalent to more than 1 trillion cubic feet …