Boston, MA 10/06/2014 (wallstreetpr) – Apco Oil and Gas International Inc (NASDAQ:APAGF) is up for sale, as a privately held organization called Pluspetrol Resources Corp voiced its consent to purchase APAGF. On Friday, October 3, 2014, Pluspetrol Resources Corp stated that they are eager to purchase the shares of APAGF for a whopping $427 million. This resulted in a significant 18% hike in the price per APAGF share!
Stock Hits A 10-Month High
The hype and clamor settled to a net rise in Apco Oil and Gas International Inc (NASDAQ:APAGF) share value by $1.66, or 13.13% till the close of trade on Friday. Argentina’s Pluspetrol showed keenness on purchasing the South America based APAGF, to strengthen its returns from the myriad basins located in Northwest Argentina, Austral and Neuquen.
Shareholders Benefit From Apco Sellout
The terms associated with the agreement pertaining to the purchase of Apco Oil and Gas International Inc (NASDAQ:APAGF) by Pluspetrol reveals that each Apco shareholder shall be entitled to receive a significant worth – a value of $14.50 per share. This is approximately 14.7% in addition to the closing price of Apco ($12.64) on October 02, 2014. The news caught the eyes of most of the investors, consequently pushing up the rate of purchase of APAGF shares on October 03, 2014. Incidentally, this led to a decent leap for APAGF’s shares in recent times – considerably, the biggest leap over the past 10 months.
Confirmation Awaited
Though the deal is conferred and the agreement is most likely, it still awaits the confirmed approval from the various Apco stakeholders panned out across Colombia and Argentina. Pluspetrol operates in Peru and Argentina, and is considered the lead producer of gas and crude oil in Angola and basins in Bolivia.
High Returns Likely
Apco stated in a press statement that its primary stakeholder – WPX Energy Inc (NYSE:WPX), that owns a whopping 69 in Apco has okayed the agreement by supporting this imminent deal. The investors showed surging sentiments of profitability, and hence pounced on buying APAGF’s shares in a bid to attain high returns after the prospective sellout.
