Pinecrest to buy Spartan for about C$427 mln

Wed Nov 21, 2012 9:21am EST
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Nov 21 (Reuters) - Canada's Pinecrest Energy Inc said it will buy Spartan Oil Corp for about C$427 million.

Pinecrest will offer 2.738 shares for each Spartan share held, valuing Spartan's stock at C$5.12 each.

Spartan shareholders will own about 49 percent of the combined company.