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Cabot Oil & Gas Corporation ("Cabot") (NYSE:COG) and Cimarex Energy Co. ("Cimarex") (NYSE:XEC) today announced that both companies' shareholders voted to approve the pending transaction.
At the special meeting of Cabot shareholders held earlier today, more than 99% of voted shares (approximately 89% of outstanding shares) were in favor of the merger. At the Cimarex special meeting of shareholders, more than 90% of voted shares (approximately 79% of outstanding shares) were in favor of the merger.
Dan O. Dinges, Chairman, President and CEO of Cabot, said, "We are pleased that Cabot shareholders recognize the considerable opportunities ahead for our combined business. We are excited to build on this momentum and our strong foundations as we progress towards closing the transaction and creating a premier, diversified energy company."
"We thank Cimarex shareholders for their support of our value creating transaction," said Thomas E. Jorden, Chairman, President and CEO of Cimarex. "Our combined business will have top-tier assets that will generate substantial cash flow to drive peer-leading returns through commodity price cycles. We look forward to completing this transaction and delivering these compelling benefits to our shareholders."
Cabot and Cimarex both anticipate filing the final certified vote results for their respective special meetings on a Form 8-K with the U.S. Securities and Exchange Commission. The transaction is anticipated to close on October 1, 2021. Following the closing of the transaction, the combined business intends to change its name and ticker symbol.
As previously announced, Cimarex and Cabot entered into a definitive agreement on May 23, 2021, whereby the companies will combine in an all-stock transaction. Under the terms of the definitive agreement, each eligible share of Cimarex common stock issued and outstanding immediately prior to the effective time of the transaction will be exchanged for 4.0146 shares of Cabot common stock.
