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Anadarko withdraws offer for Apache Corp.

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LNG Industry,


Anadarko Petroleum Corp. has announced that it is withdrawing its offer to acquire Apache Corp.

Anadarko’s Chairman, President and CEO, Al Walker, issued the following statement: "We constantly strive to make Anadarko a better company. As part of these efforts to enhance value, and after extensive analysis of public information, we recently sent Apache Corp. a non-binding offer to acquire the company. The proposed all-stock transaction, which included a modest premium, would have been highly accretive to Anadarko on a cash flow per-share basis, even before synergies. Further, based on public information and Apache's historic financial and operating underperformance, the proposed transaction offered shareholders of both companies numerous value-creation opportunities given Anadarko's demonstrated success at building value through operational excellence, proven capital allocation, and active portfolio management.

"Our efforts to enter into a mutually acceptable confidentiality agreement for the purpose of exploring the merits of a potential transaction were summarily rejected and no discussions of substance occurred. We are unwilling to pursue the transaction without access to detailed non-public information, and based on our analysis, which shows that Apache appears to trade at or near full value currently, the offer was withdrawn."


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Read the article online at: https://www.lngindustry.com/liquid-natural-gas/13112015/anadarko-withdraws-offer-for-apache-corp-1621/


 

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