Shares of LinnCo (LNCO) and LINN Energy (LINE) rose 5.4% and 2.8% in Thursday's trading session, respectively. LinnCo, which indirectly focuses on the development and acquisition of oil and natural gas properties and LINN Energy announced the acquisition of Berry Petroleum Company (BRY).
The Deal
LinnCo announced that it has agreed to acquire Berry Petroleum, an independent energy company focused on the development and exploration of oil and natural gas. Shareholders in Berry Petroleum will receive 1.25 shares of LinnCo shares for each share of Berry Petroleum they currently own.
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