Monday, June 4, 2012

Forestar Group Inc (NYSE:FOR) to buy Credo Petroleum Corp (Nasdaq:CRED) for $146 million

Forestar Group Inc (NYSE:FOR) to buy Credo Petroleum Corp (Nasdaq:CRED) for $146 millionOrlando, FL 6/4/12 (StreetBeat) -- Natural resources company Forestar Group Inc (NYSE:FOR) will buy Credo Petroleum Corp (Nasdaq:CRED) for $146 million in cash.

Forestar will pay Credo shareholders $14.50 per share, a 33 percent premium to the stock's Friday close of $10.86 on the Nasdaq.

The deal is expected to close in the second half of 2012.

Goldman Sachs & Co advised Forestar, while Houlihan Lokey Financial Advisors Inc and Northland Capital Financial Services Llc advised Credo.

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