In a press release, Linn said that the effect on the proposed merger is “difficult to predict,” but the companies remain committed to the merger. The deal was planned to close after Linn Energy’s shareholder meeting, which had been scheduled for the third quarter of this year.
The Linn companies expected the acquisition to add $0.40 a share to distributable cash flow in the first full year following the transaction, and Linn Energy’s management recently boosted its dividend from $2.90 to $3.08. LinnCo also pays a dividend of $3.08.
Shares of Linn Energy are down 18% in the mid-afternoon today, at $27.35 after posting a new 52-week low of $57.11. The 52-week high is $42.57.
LinnCo’s shares are down nearly 17% at $30.91 after posting a new 52-week low of $30.63. The 52-week high is $44.20.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
