Apollo Completes Parallel Petroleum Tender Offer

Apollo Global Management has completed its tender offer for all of the outstanding shares of common stock Midland, Texas-based Parallel Petroleum Corp. (Nasdaq: PLLL). The total deal is valued at approximately $438 million, or $3.15 per share, including the assumption or repayment of around $351 million in debt. Apollo's equity commitment is $283.2 million.

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