BP Makes Offer For Penn Virginia
This is sort of interesting.
Has the consolidation begun?
http://news.yahoo.com/buzz-penn-virginia-corp-rises-170048964.html
** Oil and gas producer's shares rise as much as 19pct to $5.30
** BP offered to buy Penn Virginia for $8/share,financial news website Proactive Investors said, citing sourcesfamiliar with the matter
** Offer represents 80 pct premium to Penn Virginia'sWednesday close
** Penn Virginia rejected the offer and is holding out forat least $10/share, Proactive Investors reports
** Exxon Mobil Corp and Chevron Corp mayalso be interested in Penn Virginia, website says
** More than 11 mln shares traded by 12:45 p.m. ET, abovetheir 25-day moving avg of 3.1 mln
** 9 of 16 brokerages rate the stock "buy" or higher, 7"hold"; their median PT is $8
** Up to Wednesday's close, stock had fallen by more than athird this year
Views: 619
Replies to This Discussion
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Oil & Gas ProPermalink Reply by Two Dogs, Pirate on -
The whole deal smells like a scam to make money on the stock market. George Soros owns 8% of this stock and he has been involved in shady deals before.
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landownerPermalink Reply by JHH on -
I like everything about Penn Virginia except George Soros. They've been an excellent operator... we've had no problems with anything! And that says a lot considering the trouble "small operators" are going through these days.
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landownerPermalink Reply by JHH on -
The one thing i do see is... hopefully... many companies are looking for nat. gas supplies close to the coast or pipelines to feed the exporters.
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