Apollo acquires 87.38% of Parallel Petroleum's shares in tender offer

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Apollo Global Management, LLC subsidiaries PLLL Holdings, LLC and PLLL Acquisition Co. completed their subsequent $3.15-per-share cash tender offer for the outstanding shares of Parallel Petroleum Corp. common stock on Thursday.

A total of 36,390,826 shares were validly tendered during the initial offering period and subsequent offering period, representing approximately 87.38% of Parallel Petroleum's outstanding shares, a joint news release from Apollo and Parallel Petroleum said.

PLLL Holdings said it will carry out a second-step merger, making Parallel Petroleum its wholly owned subsidiary. A vote by other Parallel Petroleum stockholders is not required.

Any remaining Parallel Petroleum shares will be converted into the right to receive the same $3.15-per-share price that was paid in the tender offer and subsequent offering period.

Parallel Petroleum's common stock will cease trading on the Nasdaq Global Select Market once the transaction is completed.

In September, the Apollo subsidiaries announced they will acquire Parallel in a tender offer valued at approximately $483 million excluding fees and expenses.

Parallel Petroleum is a Midland, Texas-based independent energy company.

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