Whitecap Resources and Veren Inc. Announce Successful Shareholder Meetings

Overview of the Business Combination

Whitecap Resources Inc. and Veren Inc. have successfully conducted special shareholder meetings as of May 6, 2025, announcing significant support for their proposed business combination. This merger is expected to enhance the companies’ positions in the energy sector, marking a strategic milestone in their operations.

Details of the Special Shareholder Meetings

The meetings were held virtually, allowing shareholders from both companies to participate conveniently through live webcasts. During these sessions, critical resolutions were voted upon regarding the proposed merger. For Whitecap, an impressive 88.72% of shareholders voted in favor of issuing common shares to Veren's shareholders, showcasing strong confidence in the combination’s potential benefits.

Veren’s shareholders exhibited even stronger approval, with 99.78% voting in favor of the combination. This overwhelming support indicates a unified belief in the strategic advantages this merger will create for both companies.

Anticipated Next Steps

Looking ahead, the application for court approval regarding the business combination is scheduled to be heard by the Court of King's Bench on May 8, 2025. Subject to receiving this approval and fulfilling customary closing conditions, the merger is anticipated to finalize around May 12, 2025.

Following the closure on May 13, 2025, Veren's common shares will be delisted from the Toronto Stock Exchange. This transition is poised to streamline operations and focus on boosting productivity and growth in the energy market.

Implications for U.S. Investors

For U.S.-based investors, the finalization of the business combination will also mean the cessation of Veren’s common shares trading on the New York Stock Exchange (NYSE) from May 9, 2025. Whitecap's shares will remain listed on the Toronto Stock Exchange but not on any U.S. exchange, as Whitecap plans to terminate its reporting obligations with the Securities and Exchange Commission (SEC) post-merger.

Investors are encouraged to consult financial advisors to understand the implications of holding shares in a company that will no longer be listed on a U.S. exchange. Awareness of these developments is crucial to making informed investment decisions moving forward.

Conclusion

The successful outcomes of these special shareholder meetings signify a strong alliance between Whitecap Resources Inc. and Veren Inc. The anticipated business combination is viewed as a positive move towards consolidating their market positions and enhancing operational efficiencies in the energy sector. As both companies proceed with the merger, stakeholders will be closely monitoring developments, particularly the upcoming court hearing, which is critical to this strategic endeavor.

For further inquiries regarding this merger and its implications, stakeholders may contact the respective companies’ executive teams, who are committed to ensuring transparency and clarity throughout the process.