Apollo's tender offer for Parallel Petroleum shares ends Oct. 22

By Lisa Kerner

Charlotte, N.C., Sept. 24 - Apollo Global Management, LLC subsidiaries PLLL Holdings, LLC and PLLL Acquisition Co. began a $3.15-per-share cash tender offer for the outstanding shares of Parallel Petroleum Corp. under the companies' Sept. 15 merger agreement.

The tender offer, valued at approximately $483 million excluding fees and expenses, will end at midnight ET on Oct. 22 unless extended, Apollo said.

Apollo will complete a second-step merger to acquire any remaining shares once the offer ends.

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

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