By Lisa Kerner
Charlotte, N.C., Jan. 19 - Giant Industries, Inc. stockholders will vote on Feb. 27 on the pending acquisition of the company by Western Refining, Inc. for $77.00 per share.
The all-cash transaction is expected to close in the first quarter of 2007, according to a company news release.
Western Refining and Giant Industries announced on Aug. 28 that their boards had approved merger plans with a transaction value of $1.5 billion, or $83.00 per Giant Industries share, and including $275 million of debt.. The agreement was amended on Nov. 13, due in part to a fire at Giant's Yorktown refinery, according to the release.
Giant is a Scottsdale, Ariz., petroleum products refiner and marketer.
Western Refining is a crude oil refinery located in El Paso, Texas.
| Acquirer: | Western Refining, Inc.
|
| Target: | Giant Industries, Inc.
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| Payment per share: | $77.00
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| Announcement date: | Aug. 28
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| Expected closing: | First quarter of 2007
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| Stock price for target: | NYSE: GI; $73.15 on Jan. 18
|
| Stock price for acquirer: | NYSE: WNR; $25.33 on Jan. 18
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