Northern Oil and Gas says it's not in any formal talks to acquire Granite Ridge
Northern Oil and Gas (NOG) clarified that it is not in formal talks to acquire Granite Ridge Resources (GRNT), following a Reuters report suggesting otherwise. This statement came after Granite Ridge's shares fell 3.6% in after-hours trading, despite a 10% increase earlier in the day due to the acquisition speculation. NOG emphasized its ongoing interest in various acquisition opportunities but confirmed no current negotiations with Granite Ridge.
Northern Oil and Gas (NOG) said it's not in any formal discussions to acquire Granite Ridge Resources (NYSE:GRNT), responding to a Reuters article on Friday. Shares of Granite Ridge fell 3.6% in after hours trading.
Granite Ridge (GRNT) jumped 10% on Friday after Reuters reported that Northern Oil (NOG) had submitted at least two bids for Granite Ridge (GRNT). The latest offer was at a 20% premium to GRNT's share price.
"As the largest publicly traded dedicated non-operator, NOG has a large pipeline of acquisition opportunities and the Company frequently sends expressions of interest to acquire assets or businesses in order to evaluate and conduct due diligence on potential opportunities," Northern Oil said in a statement Friday evening. "Many of these requests to conduct diligence are rejected. The Company is not currently engaged in formal negotiations to acquire Granite Ridge."
Northern Oil (NOG) has a market cap of $3.6 billion, while Granite Ridge (GRNT) is valued out $735 million.
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