Linn Energy just announced they are filing an amendment to their S4 and have set the record date for merger of Sept 30th. Looks like merger may actually go through. I assume the S4 amendments are to resolve any issues the SEC had with merger as a result of their inquiry.
The SEC is not going to be a problem here. I doubt they would submit comments to LINE inviting LINE to expend significant management and legal time preparing amendments to the S-4 if they planned to block the merger as a result of their Informal Inquiry. Both LINE and BRY believe the comments are manageable since they have each set stockholder meetings to vote on the merger. The only remaining issue in my mind is how the BRY shareholders will vote. This will probably depend somewhat on where the stock prices are at the end of the month but that's not exactly clear since the merger agreement is clear that it is binding and final irrespective of the market prices of the two stocks. Still, an affirmative BRY vote is required and I think the marketplace will work all that out in the next several weeks and the transaction will be approved with no modification of terms. All those who have beeen predicting that LINE is going to have to improve the exchange ratio I believe will be shown to be wrong. GLTA