Kerr-McGee and Westport Announce $3.4 Billion Stock Merger

April 07, 2004

Reading Time : 1 min

Contact:

Jacinta O'Shea-Ramdeholl

Director of Communications

Sarah Richmond

Senior Communications Manager

(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.

# # #

Share This Insight

Related Services, Sectors, and Regions

© 2024 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. Attorney advertising. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. Prior results do not guarantee a similar outcome. Akin is the practicing name of Akin Gump LLP, a New York limited liability partnership authorized and regulated by the Solicitors Regulation Authority under number 267321. A list of the partners is available for inspection at Eighth Floor, Ten Bishops Square, London E1 6EG. For more information about Akin Gump LLP, Akin Gump Strauss Hauer & Feld LLP and other associated entities under which the Akin Gump network operates worldwide, please see our Legal Notices page.