Kerr-McGee and Westport Announce $3.4 Billion Stock Merger
(Dallas, Texas) – Kerr-McGee Corp. (NYSE: KMG) and Westport Resources Corp. (NYSE: WRC) today announced that their boards of directors have unanimously approved a strategic merger valued at approximately $3.4 billion. The merged company will be known as Kerr-McGee Corporation and will be headquartered in Oklahoma City.
Under the terms of the agreement, shareholders of Westport will receive 0.71 of a share of Kerr-McGee common stock for each common share of Westport. As a result, Kerr-McGee expects to issue approximately 49.4 million new shares to Westport’s stockholders. The transaction, valued at $3.4 billion, is expected to close during the third quarter of 2004.
Westport’s Vice President and General Counsel, Howard L. Boigon, was assisted in the transaction by Akin Gump Strauss Hauer & Feld LLP.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 900 lawyers with offices in Albany, Austin, Brussels, Chicago, Dallas, Houston, London, Los Angeles, Moscow, New York, Philadelphia, Riverside, Riyadh (affiliate), San Antonio, San Francisco and Washington. The firm has a diversified practice and represents regional, national and international clients in a wide range of areas, including antitrust; banking and financial institutions; capital markets; communications; corporate and securities; employee benefits; energy, land use and environment; entertainment; estate planning, wealth transfer and probate; financial restructuring; government contracts; health; insurance; intellectual property; international; investment management; labor and employment; litigation; mergers and acquisitions; privatization; project development and finance; public law and policy; real estate and finance; taxation; and technology.
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