Pengrowth Energy’s stock plummeted 77.5% to $0.05/share Nov. 1 after the company announced it agreed to be acquired by Waterous Energy Fund portfolio company Cona Resources Ltd. Cona will pay $28 million cash for 560.02 million outstanding Pengrowth shares at $0.05 each, just one-quarter of the stock’s prior-day closing price of $0.20. Pengrowth assigned the deal a $740 million value driven primarily by the assumption of its long-term debt, which totaled $702.2 million as......
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