Apollo Successfully Completes Tender Offer for Shares of Parallel Petroleum Corporation.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Parallel Petroleum Corporation ("Parallel"), PLLL Acquisition Co. and PLLL Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , entities formed for the purpose of acquiring Parallel Petroleum Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PLLL) and wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of an affiliate of Apollo Global Management, LLC, today announced that the subsequent offering period of the tender offer for all of the outstanding shares of common stock of Parallel, including the associated preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. purchase rights (collectively, the "Shares"), expired at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Thursday, October 29, 2009. Computershare Trust Company, N.A., the disbursing agent for the tender offer, has advised that, as of the expiration of the subsequent offering period, a total of 36,390,826 Shares were validly tendered during the initial offering period and subsequent offering period, representing approximately 87.38% of the outstanding Shares. In accordance with the terms of the tender offer, PLLL Acquisition Co. has accepted for payment and promptly paid for all Shares validly tendered during the subsequent offering period. In accordance with the merger agreement between PLLL Acquisition Co., PLLL Holdings, LLC and Parallel, dated as of September 15, 2009, PLLL Holdings, LLC will carry out a second-step merger as a result of which Parallel will become a wholly owned subsidiary of PLLL Holdings, LLC. As a result of the purchase of Shares in the tender offer, PLLL Holdings, LLC has sufficient voting power to approve the merger without the affirmative vote of any other Parallel stockholder. In the merger, each Share not previously purchased in the tender offer or subsequent offering period will be converted, subject to appraisal rights Appraisal rights A right of shareholders in a merger to demand the payment of a fair price for their shares, as determined independently. , into the right to receive the same $3.15 per Share price, without interest and subject to applicable withholding taxes, that was paid in the tender offer and subsequent offering period. After the merger, Parallel's common stock will cease to be traded on the NASDAQ Global Select Market. About Apollo Apollo is a leading global alternative asset manager with offices in New York, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , London, Singapore, Frankfurt and Mumbai. Apollo had assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of over $38 billion as of June 30, 2009 in private equity and credit-oriented capital markets funds invested across a core group of industries where Apollo has considerable knowledge and resources. About Parallel Petroleum Corporation Parallel Petroleum Corporation is an independent energy company headquartered in Midland, Texas, engaged in the exploitation, development, acquisition and production of oil and gas using 3-D seismic technology and advanced drilling, completion and recovery techniques. Parallel's primary areas of operation are the Permian Basin of West Texas and New Mexico, North Texas Barnett Shale, Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado. Additional information on Parallel is available via the internet at www.plll.com. |
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