Atlas Energy, Inc. (NASDAQ: ATLS) (“Atlas Energy” or “the Company”) announced today the completion of its merger with Chevron Corporation (NYSE: CVX) (“Chevron”). The consummation of the merger follows the approval of the merger by Atlas Energy shareholders at a special meeting on Wednesday, February 16th.
As a result of the merger and related transactions, each Atlas Energy shareholder of record as of the close of business on Thursday, February 17, 2011 will receive consideration with an aggregate value of approximately $46.53 per Atlas share (based on AHD’s closing price on February 17th), comprised of $38.25 in cash and approximately 0.5203 common units of Atlas Pipeline Holdings, L.P. (NYSE: AHD) for each Atlas Energy share owned.
Atlas Pipeline Holdings, L.P. will continue to trade on the New York Stock Exchange under the ticker symbol “AHD” and will operate under the name “Atlas Energy, L.P.” beginning on or about Wednesday, February 23, 2011.
Jefferies & Co. Inc acted as lead financial advisor, and Deutsche Bank Securities, Inc. served as co-financial advisor, to ATLS. Wachtell, Lipton, Rosen & Katz was legal advisor to ATLS. Goldman, Sachs & Co. served as financial advisor to Chevron, and Skadden Arps Slate Meagher Flom LLP acted as legal advisor to Chevron.
Atlas Energy, L.P. (NYSE: AHD), formerly Atlas Pipeline Holdings, L.P., is a master limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.75 million common limited partner units of APL. Additionally, AHD owns an interest in over 8,500 producing natural gas and oil wells, representing over 185 Bcfe of net proved developed reserves. For more information, please visit our website at www.atlasenergy.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.
Safe Harbor for Forward-Looking Statements
This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Atlas Energy, Inc. (“Atlas Energy”) cautions readers that any forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, resource potential, and Atlas Energy’s plans, objectives, expectations and intentions and other statements that are not historical facts. Although Atlas Energy believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, no assurance can be given that these expectations will be attained and it is possible that our actual circumstances and results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. The benefits from the transactions are subject to certain risks and uncertainties, including risk factors relating to Atlas Energy’s business and its industry. Atlas Energy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is directed to Atlas Energy’s filings with the U.S. Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and its annual reports on Form 10-K, for a discussion of such risks and uncertainties.
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