Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Encore Energy Rises After Vanguard Natural Proposes Buyout

Encore Energy Partners LP, owner of oil and natural-gas properties in Wyoming and Montana, rose as much as 1.3 percent after Vanguard Natural Resources LLC offered to buy the 54 percent of the partnership it doesn’t already own at a price that values it at about $1.05 billion.

Encore, based in Houston, rose 16 cents to $23.31 at 4:00 p.m. in New York Stock Exchange composite trading. Before today, the units had risen 3 percent this year.

Vanguard, which controls Encore through ownership of its general partner, offered 0.72 shares for the partnership units it doesn’t own, the company said today in a statement. That represents $23.20 per unit, a 5-cent premium, based on yesterday’s closing prices. A committee of independent directors is reviewing the offer, Encore said today in a statement.

Vanguard, also based in Houston, fell 8 cents to $32.14. Vanguard owns oil and gas reserves in the southern Appalachian basin, the Permian Basin, South Texas and Mississippi, according to its statement today. Encore also owns properties in the Williston Basin of North Dakota and Montana, the Permian Basin and the Arkoma Basin of Arkansas and Oklahoma, the partnership said.

Vanguard bought its stake in Encore from Denbury Resources Inc. for $380 million in December. If accepted, the bid for Encore would be Vanguard’s largest acquisition, according to data compiled by Bloomberg.

Vanguard is offering 9.3 times earnings before interest, taxes, depreciation and amortization, compared with 7.58 it paid for the 46 percent stake and control of the partnership, according Bloomberg data.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.