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Article: Delta Petroleum Corporation Announces Strategic Investment in Company by Tracinda Corporation.
- Article from:
- PR Newswire
- Article date:
- December 31, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Tracinda to Invest $684 Million to Acquire 35% of Company
DENVER and LOS ANGELES, Dec. 31 /PRNewswire-FirstCall/ -- Delta Petroleum Corporation , an independent energy exploration and development company ("Delta" or the "Company") has entered into a strategic financing agreement with Tracinda Corporation ("Tracinda"), a private investment corporation wholly-owned by Kirk Kerkorian. Under the agreement, Tracinda will invest $684 million to acquire common stock from the Company at $19.00 per share, which represents a 23 percent premium to the price at the market close as of December 28, 2007 and a 26 percent premium to Delta's 30 day trading average.
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