Parallel Petroleum acquired by Apollo subsidiary for $3.15 per share

By Lisa Kerner

Charlotte, N.C., Nov. 25 - Apollo Global Management, LLC said its affiliate, PLLL Acquisition Co., completed the acquisition of Parallel Petroleum Corp.

PLLL Acquisition was merged with and into Parallel, with Parallel surviving the merger, a Parallel Petroleum news release said.

Parallel's common stock ceased trading on the Nasdaq Global Select Market at market close on Wednesday and will no longer be listed.

In September, the Apollo announced it would acquire Parallel in a $3.15-per-share 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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