Credo Petroleum Announces Expiration of "Go-Shop" Period
Credo Petroleum Corporation (Nasdaq: CRED) announced today the expiration of the 30-day "go-shop" period pursuant to the terms of the previously announced Agreement and Plan of Merger dated as of June 3, 2012, by and among Credo, Forestar Group Inc. and Longhorn Acquisition Inc., a wholly owned subsidiary of Forestar Group Inc. (the "Merger Agreement").
Under the Merger Agreement, Credo was permitted to initiate, solicit and encourage alternative acquisition proposals from third parties until 11:59 p.m. (New York City time) on July 3, 2012. After a broad solicitation of financial and strategic parties during such "go-shop" period, Credo did not receive any alternative acquisition proposals.
Credo expects the transaction to close in the second half of 2012, subject to satisfaction of the closing conditions described in the Merger Agreement, including approval of Credo's stockholders.
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