Denbury Resources Inc., Plano, Tex., and Penn Virginia Corp., Houston, have ended a merger agreement estimated to have been worth $1.7 billion (OGJ Online, Oct. 29, 2018).
“The Penn Virginia board of directors decided that it is in the best interests of the company and our shareholders to mutually agree to terminate our merger agreement with Denbury,” said John A. Brooks, president and chief executive officer of Penn Virginia.
Chris Kendall, Denbury president and CEO, said, “While we firmly believed in the strategic merits of the combination with Penn Virginia, the difficult market conditions since announcement, combined with the opposition of certain Penn Virginia shareholders, led us to the conclusion that the transaction was unlikely to receive the necessary super majority approval from Penn Virginia shareholders.”