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Linn Co, LLC Message Board

  • howdie_doodie_tyme howdie_doodie_tyme Aug 9, 2013 11:58 AM Flag

    Breaking News from Management on Berry Merger

    LNCO, BRY LINN Energy, LinnCo fall amid concerns over Berry deal
    Shares of LINN Energy (LINE) are falling after the company stated in a regulatory filing that the timing of its proposed merger with Berry Petroleum (BRY) is uncertain.

    WHAT'S NEW: An SEC inquiry makes the timing of the proposed merger between LINN Energy and Berry uncertain, LINN Energy stated in a regulatory filing last night.

    WHAT'S NOTABLE: The SEC is investigating LINN Energy's merger with Berry, Linn Energy announced on July 3. On July 2, LINN Energy and an affiliated company, LinnCo (LNCO), stated that they were the target of an SEC probe, adding that the agency had requested that they preserve certain financial data. LinnCo was spun off from LINN Energy and owns a stake in the latter company.

    Yesterday LINN Energy CEO Mark Ellis said that his company remains "very committed" to the Berry transaction. Separately today, Oppenheimer analyst Bernard Cohen downgraded LINN Energy to Underperform from Perform. Cohen wrote that the company's lower than expected second quarter EBTIDA and weak second quarter production, reported yesterday morning, were the main reasons for the downgrade.

    However, he added that it does not appear that the Berry Energy deal will proceed under the previously agreed upon terms. TODAY'S PRICE ACTION: In early trading, LINN Energy sank 5.5%, to $23.90, Linnco slid 6% to $25.85, and Berry lost 0.65% to $41.15.

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