Deals
Holly to Pay $2.9 Billion for Frontier Oil in All-Stock Deal
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Holly Corp., the fourth-largest U.S. independent refiner, agreed to buy Frontier Oil Corp. for about $2.9 billion, giving the company more access to discounted crude supplies.
Frontier stockholders will get 0.4811 Holly share as well as a 28-cent-a-share special dividend and a reinstated 6-cent quarterly dividend, the companies said today in a statement. Excluding the special dividend and quarterly dividend, the per-share price is $26.99, a 4 percent discount to Houston-based Frontier’s Feb. 18 closing price.