Houston-based Dune Energy has been acquired by Eos Petro Inc. in a cash deal.
Eos will acquire all of the outstanding shares of the Dune for $0.30 per share in cash pursuant to an agreement and plan of merger dated 17 September 2014.
It is expected that Dune’s current CEO and President James Watt will assume his position after the merger at EOS.
"The Board considered a range of potential alternatives, including continuing to operate as an independent entity, the returns and dilution associated with issuing additional equity in a public or private offering, the possibility of certain asset sales, and a sale to or combination with a public or private merger partner," says Robert Schmitz, non-executive chairman of the company's board. "After an exhaustive evaluation, our Board of Directors unanimously concluded that this transaction with Eos is in the best interests of our stockholders."