BUZZ-Magnolia Oil & Gas slides after starting $1 bln stock offering for WildFire Energy deal

Jpmorgan Chase
Goldman Sachs Group, Inc.
Magnolia Oil & Gas Corp. Class A

Jpmorgan Chase

JPM

0.00

Goldman Sachs Group, Inc.

GS

0.00

Magnolia Oil & Gas Corp. Class A

MGY

0.00

** Shares of Magnolia Oil & Gas MGY.N down 5.4% to $24.15 post-market after M&A-related equity raise news

** MGY kicks off $1 bln stock offering to fund purchase of WildFire Energy

** Shale producer before the bell Mon said it agreed to buy WildFire for about $4 bln, including debt, to expand its position in the Giddings field in South Texas

** MGY shares finished down 6.3% at $25.53 on Mon, trimming YTD gain to ~17%

** JP Morgan and Goldman Sachs are joint bookrunners for the stock offering, among others

** Houston, Texas-based MGY has ~184.95 mln shares outstanding for $4.7 bln market cap


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