Pioneer Natural Resources Company in Dallas is moving ahead in its merger with Parsley Energy, Inc. and plans a special meeting of stockholders.
The meeting will be held to allow shareholders to decide the issuance of Pioneer common stock as part of the merger with Parsley.
The decision will be made January 12 of the new year for stockholders of record on Dec. 7, 2020. In making the announcement, Pioneer stated it anticipates filing a definitive joint proxy statement and prospectus with the SEC and start mailing the it to company stockholders early this month.
The two companies, described as rivals in the Permian Basin exploration, announced their merger plans in October, a move under which Pioneer will acquire all of the outstanding shares of Parsley in an all-stock transaction. Under the agreement, Parsley stockholders will receive a fixed exchange ratio of 0.1252 shares of Pioneer common stock for each share of Parsley common stock.