Vanguard Natural Resources, LLC VNR and Encore Energy Partners LP ENP today announced the execution of a
definitive agreement that would result in a merger whereby Encore would become
a wholly-owned subsidiary of Vanguard's operating company, Vanguard Natural
Gas, LLC, through a unit-for-unit exchange.
Under the terms of the definitive
agreement, Encore's public unitholders would receive 0.75 Vanguard common
units in exchange for each Encore common unit they own at closing,
representing a premium of approximately 4.4% based on the closing prices of
Encore common units and Vanguard common units on March 24, 2011, the last
trading day before Vanguard announced its initial proposal to acquire all of
the common units of Encore owned by the public and an approximately 51%
premium over the December 31, 2010 purchase price paid to Denbury Resources,
Inc. DNR for 45.6% of the Encore common units.
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