Quintana Shareholders OK Acquisition

Under the terms of the deal, Quintana shareholders will receive $13 in cash and just over 0.4 of an Excel share for each Quintana share they hold.

This amounts to about $24.90 per share, based on Excel's closing share price of $29.13 on Friday. The price represents a 4.2 percent premium to Quintana's closing price of $23.89 on Friday.

The exchange ratio also will be reduced to reflect the 31-cent dividend paid by Quintana in March, the companies said.

The deal is expected to close on or about Tuesday.

Excel also said Monday that it executed a senior secured credit facility related to the acquisition and that the arrangers of the credit facility have syndicated more than 60 percent of their commitments.

The credit facility includes a $1 billion term loan and a $400 million revolving loan, Excel said.

Excel shares fell 49 cents to close at $28.64. Quintana shares rose 59 cents, or 2.5 percent, to $24.15 in aftermarket trading, after falling 33 cents to $23.56 in the regular session.