Potter Anderson Represents Frontier Oil Corporation in $7 Billion Merger

Firm News
Merger with Holly Corporation Creates Largest Independent Refiner

Potter Anderson & Corroon represented Frontier Oil Corporation in an all-stock merger of equals transaction with Holly Corporation.  The new company, HollyFrontier Corporation, will have an enterprise value of $7 billion and will be headquartered in Dallas, Texas. Partner Michael B. Tumas led the Potter Anderson team.   

Under the terms of the agreement, Frontier shareholders will receive 0.4811 Holly shares for each share of Frontier common stock.  Upon closing of the transaction, Holly shareholders are expected to own approximately 51 percent and Frontier shareholders are expected to own approximately 49 percent of the combined company.  The transaction is structured to be tax-free to the shareholders of both companies.

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About Potter Anderson

Potter Anderson & Corroon LLP is one of the largest and most highly regarded Delaware law firms, providing legal services to regional, national, and international clients. With more than 100 attorneys, the firm’s practice is centered on corporate law, corporate litigation, intellectual property, commercial litigation, bankruptcy, labor and employment, and real estate.

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