Struggling Permian Basin operator Lilis Energy Inc. said Jan. 13 it has received a non-binding cash take-private offer from a major shareholder.

The offer, made by Minneapolis-based alternative investment firm Värde Partners Inc., continues a trend of take-private offers for public oil and gas companies that began to emerge last year.

Värde Partners is proposing to acquire the roughly 75% of outstanding shares of Lilis common stock it doesn’t already own in a cash merger transaction for $0.25 per common share. The non-binding cash offer is expected to expire Feb 17.

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