Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity
Varde Partners Makes Offer to Buy / Privatize Permian E&P Lilis Energy
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Lilis Energy Inc. has received a non-binding offer from Värde Partners Inc. proposing to acquire all of the outstanding shares of common stock of Lilis not owned by Värde in a cash merger transaction for $0.25 per common share.
The stock (as of 1/13/2020) was trading at $0.33. The offer will expire on Feb 17.
Back in 2017, Varde Partners backed Lilis with a $125 million term loan, which the company used on its operations.
Lilis is currently in the process of evaluating strategic alternatives and has tapped Barclays Capital Inc. to assist. The company also gained a new CEO in Q4 2019, with CFO Joseph Daches taking the helm.
Varde's Current StakeVärde holds approximately 23.6 million of the 91.7 million outstanding shares of the Company's common stock and all of the outstanding preferred…
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