Shareholders of both Range Resources Corp. (NYSE: RRC) and Memorial Resource Development Corp. (Nasdaq: MRD) have approved Fort Worth-based Range’s acquisition of Houston-based Memorial.
The deal now is expected to close Sept. 16.
Of the shareholders who voted at each company’s special meeting, approximately 99.3 percent of Range shares and approximately 98 percent of Memorial shares were voted in favor of approving the merger.
The all-stock deal was announced in May and is valued at $4.4 billion, which includes Range assuming Memorial’s net debt of $1.1 billion.
For each share of MRD, Memorial stockholders will receive 0.375 shares of Range common stock, valued at $15.75 per share as of May 13. That represents a 17 percent premium to the closing price of MRD on May 13.
When the deal closes, Memorial shareholders will own about 31 percent of outstanding RRC shares and will have the right to nominate an independent director from Memorial to a seat on Range’s board.
The deal will combine Memorial’s focus on natural gas and oil exploration and development in North Louisiana with Range’s focus on the Appalachian Basin.
Memorial had 484 employees as of Dec. 31, and Range had 744 full-time employees as of Jan. 1.