Deals - Acquisition, Mergers, Divestitures
Anadarko Bites on "Superior" Oxy Offer; Chevron Must Up Ante to Salvage Deal
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Anadarko Petroleum's board has unanimously determined that the revised acquisition proposal it received from Occidental Petroleum constitutes a "Superior Proposal" (as defined in Anadarko's previously announced merger agreement with Chevron).
As a result, Anadarko intends to terminate the pending merger deal with Chevron in order to enter into a definitive merger agreement with Oxy and its new proposed offer.
However, Chevron has four days (until May 10, 2019) to make a superior proposal.
If Anadarko terminates the pending deal with Chevron, Anadarko will pay a $1 billion termination fee as required.
The Chevron Merger Agreement remains in effect unless and until terminated, and accordingly, Anadarko's Board of Directors reaffirms its existing recommendation of the transaction with Chevron at this time.
Oxy's Latest Offer
Under the terms of the Revised Occidental Proposal, Occidental would acquire Anadarko for consideration consisting of $59.00 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common stock - which allows any deal to pass regardless of a vote from the board.
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