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Thursday, November 12, 2015
Anadarko Petroleum Corp. gave truth to the rumors regarding a bid for Apache Corp. with a statement from the company’s chairman, president, and CEO Al Walker. The company CEO confirmed the offer made to Apache, but said the offer was later withdrawn.
“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 Corporation 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,” Walker said.
“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and based on our analysis, which shows that Apache appears to trade at or near full value currently, the offer was withdrawn,” the Anadarko head added.
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