Unitholders for oil and natural gas producer Vanguard Natural Resources LLC on Wednesday agreed to buy Encore Energy Partners LP.
Vanguard said the merger with Encore Energy Partners was approved by about 90 percent of the units that voted on the deal during a special meeting. Vanguard said it expected the merger to be completed Wednesday.
Under terms of the agreement, Encore Energy Partners unitholders will get 0.75 Vanguard common units for each Encore common unit they own. Encore Energy Partners unitholders will get cash for any fractional units they would be entitled to receive.
Encore Energy Partners, like Vanguard Natural Resources, buys and develops oil and natural gas projects.
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Units of Encore Energy Partners will stop trading at the close of business Wednesday. The merged companies will trade under the Vanguard Natural Resources name, with the ticker symbol "VNR."
Units of Encore Energy Partners rose 52 cents, or 2.7 percent, to close at $20.05. Vanguard Natural Resources rose 26 cents, or 1 percent, to close at $26.46.