LINN Energy Cash Tender Offer for Class A Shares

Davis Polk advised the sole dealer manager in connection with a cash tender offer by LINN Energy, Inc. for 6,770,833 shares of its Class A common stock at a purchase price of $48.00 per share, for an aggregate purchase price of approximately $325 million. The tender offer was oversubscribed as of the expiration date and settlement of the tender offer occurred on January 26, 2018.

LINN Energy, Inc. was formed in February 2017 as the reorganized successor to LINN Energy, LLC. Headquartered in Houston, Texas, the company’s current focus is the development of the Merge/SCOOP/STACK in Oklahoma through its equity interest in Roan Resources LLC, as well as through its midstream operations in that area. Additionally, the company is pursuing emerging horizontal opportunities in Oklahoma, North Louisiana and East Texas, while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets.

The Davis Polk corporate team included partner Marcel Fausten and associate Rahim Manji. Partner Rachel D. Kleinberg and law clerk Ben Levenback provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.