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Cano Petroleum preferred holders to support Resaca Exploitation deal
By Lisa Kerner
Charlotte, N.C., Oct. 21 - Cano Petroleum, Inc. entered into a voting agreement with some holders of its series D convertible preferred stock under which the holders agreed to vote in favor of the company's proposed merger with Resaca Exploitation, Inc.
Holders of the preferreds include Trapeze Capital Corp., Trapeze Asset Management Inc., Kellogg Capital Markets LLC, Investcorp Interlachen Multi-Strategy Master Fund Ltd. and O'Connor Pipes Corporate Strategies Master Ltd.
Cano entered into a voting agreement with D.E. Shaw Laminar Portfolios, LLC in September, according to a form 8-K filed with the Securities and Exchange Commission.
Together, the preferred holders and D.E. Shaw own approximately 75% of the preferreds.
On Tuesday, Cano entered into a voting agreement with its chief executive officer and member of the board of directors S. Jeffrey Johnson. He owns approximately 3.7% of the preferreds, the filing said.
As previously reported, Resaca and Cano agreed to merge in a tax-free, stock-for-stock exchange valued at $1.67 per Cano share, or a total of $76 million.
Cano shareholders will receive 2.1 shares of Resaca common stock for every share of Cano common stock, giving them ownership of approximately 50% of the combined company.
Resaca is an independent oil and gas development and production company based in Houston.
Cano is a Fort Worth independent energy producer.
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