Under the terms of the agreement, Veren shareholders will receive 1.05 shares of Whitecap for each Veren share held. The combined company will be led by Whitecap’s existing management team under the Whitecap name with four Veren directors joining Whitecap’s board, including the current President and CEO of Veren, Craig Bryksa.
Whitecap Resources and Veren have agreed to merge in a US$10.4 billion (C$15 billion) deal that will create a leading Canadian light oil and condensate producer, the companies said on Monday.