Riviera Resources Cash Tender Offer for Common Stock

Davis Polk advised the sole dealer manager in connection with a cash tender offer by Riviera Resources, Inc. for 6,062,179 shares of its common stock at a purchase price of $22.00 per share, for an aggregate purchase price of approximately $133 million. The tender offer was oversubscribed as of the expiration date, and included in the 6,062,179 shares that the company accepted for purchase were 1,516,725 shares the company purchased pursuant to its right to purchase additional shares up to 2% of its outstanding shares. The settlement of the tender offer occurred on October 26, 2018.

Riviera Resources, Inc. is an independent oil and natural gas company with a strategic focus on efficiently operating its mature low-decline assets, developing its growth-oriented assets and returning capital to its stockholders. Riviera’s properties are located in the Hugoton Basin, East Texas, North Louisiana, Michigan/Illinois, the Uinta Basin and Mid-Continent regions. Riviera also owns Blue Mountain Midstream LLC, a midstream company centered in the core of the Merge play in the Anadarko Basin.

The Davis Polk corporate team included partner Marcel Fausten and associates Rahim Manji and Angela Park. Partner Rachel D. Kleinberg and associates Tracy L. Matlock and Itay Peer provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.