Investing.com -- Northern Oil and Gas, a Minneapolis-based company, has made at least two acquisition offers for Granite Ridge Resources, a smaller U.S. producer operating in basins such as the Permian and Eagle Ford (NYSE:F), according to a mid-Friday report by Reuters. The information comes from sources familiar with the situation who wished to remain anonymous due to the confidential nature of the discussions.
The most recent offer from Northern was made in the past few weeks and was approximately 20% higher than Granite Ridge’s share price, according to the same sources. Despite the attractive offer, Granite Ridge’s management has so far declined Northern’s advances.
However, Northern remains interested in acquiring Granite Ridge and may increase its offer next year, the sources indicated. Both companies have chosen not to comment on the matter, with Granite Ridge declining to comment and Northern not responding to a request for comment.
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