BUZZ-Granite Ridge rises on report of Northern Oil and Gas' acquisition bid

Reuters12-21 03:37
BUZZ-Granite Ridge rises on report of Northern Oil and Gas' acquisition bid

** Shares of oil and gas company Granite Ridge Resources GRNT.N rise 9.8% to $6.17

** Reuters reports larger rival Northern Oil and Gas NOG.N has made a bid to acquire GRNT

** NOG has submitted at least two offers for Granite Ridge, with the latest bid being roughly 20% premium to GRNT's share price

** "GRNT would provide both increased scale and slightly more diversity, however, we view NOG's assets as having higher quality," RBC Capital Markets analyst Scott Hanold says

** "Accordingly, a transaction would need to be done at a higher accretive valuation," Hanold adds

** NOG shares down 1.5% at $35.47 in afternoon trading

** Including session's moves, GRNT up 1.3% and NOG down 6.7% YTD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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