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California-based Eos Petro agreed Friday to acquire all outstanding shares of Houston-based Dune Energy for $0.30 per share in cash.

Eos, through a merger subsidiary, will make a tender offer no later than October 9, 2014 for all outstanding Dune common stock.

The offer will expire 20 business days after it is first made.

Following the offer, the companies will complete a second-step merger and any remaining Dune shares will retain the tender offer price.

Eos said it is negotiating with the Dune management team and expects to bring the team to Eos.

Eos said that Dune’s current president, director and CEO James Watts will become president and CEO of Eos after the merger.

A projected closing date for the deal was not disclosed.