Energy Partners Ltd., New Orleans, (NYSE: EPL) has revised its offer to acquire Stone Energy Corp., Lafayette, La., (NYSE: SGY) for approximately $2.2 billion. The deal values Stone's equity at approximately $1.4 billion and includes approximately $800 million of Stone debt. Energy Partners plans to acquire all outstanding Stone shares for $51 each in cash or stock. Assuming that shareholders receive a combination of half cash and half stock, the current value of the total consideration would be $49.10 per share, representing a premium of approximately 13% over the current value of the Plains Exploration and Production Co.'s, Houston, (NYSE: PXP) offer for Stone at $34.74 each.
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