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

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Permalink Reply by Two Dogs, Pirate on June 25, 2015 at 12:34

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. 

Permalink Reply by JHH on June 25, 2015 at 13:02

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.

Permalink Reply by JHH on June 25, 2015 at 13:05

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.  

Permalink Reply by benny on June 29, 2015 at 7:16

no such offer or rejection occurred, according to The Wall Street Journal.

The takeover talks may have circulated due to documentation of a takeover deal from exactly 13 years earlier between Penn Virginia and BP Capital, The Journal added.

Permalink Reply by JHH on June 29, 2015 at 8:11

Saw that... thanks.  I like PV... if only george soros would just go away!

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