Anadarko to review Occidental’s offer

Anadarko to review Occidental's offerImage courtesy of Anadarko

Anadarko Petroleum confirmed that it has received an unsolicited proposal from Occidental Petroleum telling its shareholders to take no action before the review of the bid is completed.

To remind, Occidental submitted a bid under which Anadarko shareholders would receive $38.00 in cash and 0.6094 shares of Occidental common stock for each share of Anadarko common stock, for a total consideration of $57 billion.

Following unanimous approval from the company’s board of directors, Anadarko entered into a definitive agreement with Chevron Corporation in April under which a unit of Chevron would acquire all of the outstanding shares of Anadarko in a stock and cash transaction valued at $33 billion, or $65 per share.

In accordance with the terms of the Chevron merger agreement, and in consultation with its financial and legal advisors, Anadarko’s board of directors will review Occidental’s proposal to determine the course of action that it believes is in the best interest of the company’s stockholders.

The Anadarko board has not made any determination as to whether Occidental’s proposal constitutes, or could reasonably be expected to result in, a superior proposal under the terms of the Chevron merger agreement.

The Anadarko board expects to respond to Occidental’s proposal upon completing its review and accordingly reaffirms its existing recommendation of the transaction with Chevron at this time.

Anadarko stockholders are advised to take no action at this time.

Evercore and Goldman Sachs & Co. are acting as financial advisors to Anadarko, while Wachtell, Lipton, Rosen & Katz is the company’s legal advisor.

Share this article

Follow LNG World News

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >