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If the deal closes, Crescent Point says it plans to raise its dividend by 15 per cent on an annual basis. (GETTY) Crescent Point Energy ( CPG.TO )( CPG ) shares fell to their lowest levels since July on Tuesday as investors digested the company’s latest deal in Alberta’s Montney shale play. Calgary-based Crescent Point announced a $2.55 billion cash-and-stock deal to buy Hammerhead Energy ( HHRS.TO ) after the close of financial markets on Monday, including about $455 million of Hammerhead’s net debt. Under the terms, Hammerhead shareholders will receive $21 per fully diluted common share through a combination of about $1.5 billion in cash and 53.2 million common shares of Crescent Point. The companies expect the transaction to close in December. Toronto-listed shares fell 8.46 per cent to $10.02 as at 11:35 a.m. ET on Tuesday, after dropping as much as 10 per cent in early trading. Crescent Point says the deal would create Canada’s seventh-largest energy producer by volume, adding 105,000 acres and 800 drilling locations in one of North America’s largest unconventional oil plays. The company says the assets would raise its drilling inventory to over 20 years. “This transaction is expected to be immediately […]
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