Midstates Petroleum wraps up $50 million tender offer


Midstates Petroleum Company, Inc. in Tulsa announced the final results of its tender offer to purchase for cash up to 5,000,000 shares of its common stock (the “shares”) at a price of $10.00 per share, which expired at 5:00 p.m., New York City time, on Tuesday, February 12, 2019.

Midstates has accepted for purchase 5,000,000 shares of its common stock at a purchase price of $10.00 per share, for an aggregate purchase price of approximately $50 million, excluding fees and expenses relating to the offer.

Based on the final tabulation by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, 18,718,599 shares of the common stock were properly tendered and neither withdrawn nor tendered conditionally by stockholders with conditions that were not met. Midstates has been informed by the depositary that the final proration factor for the tender offer is approximately 26.7%. The shares acquired represented approximately 19.7% of the Company’s outstanding shares as of January 14, 2019.

The depositary will promptly issue payment for the shares validly tendered and accepted for purchase and will return all other shares tendered.

Midstates may, in the future, decide to purchase additional shares in the open market subject to market conditions and private transactions, tender offers or otherwise subject to applicable law. Any such purchases may be on the same terms as, or on terms that are more or less favorable to stockholders than, the terms of the offer. Whether Midstates makes additional repurchases in the future will depend on many factors, including but not limited to its business and financial performance, the business and market conditions at the time, including the price of the shares, and other factors Midstates considers relevant.

D. F. King & Co., Inc. acted as the information agent for the tender offer. BofA Merrill Lynch acted as the dealer manager for the tender offer.

Important Information About the Tender Offer

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