Anadarko Confirms Receipt Of Revised Offer From Occidental; Says Review Offer

(RTTNews) - Anadarko Petroleum Corp. (APC) confirmed Sunday that it received a revised proposal from Occidental Petroleum Corp. (OXY) by which Anadarko shareholders would receive $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock.

Anadarko said its board will carefully review Occidental's Revised Proposal to determine the course of action that it believes is in the best interest of the Company's stockholders.

However, Anadarko said that Chevron Merger Agreement remains in effect and accordingly the Anadarko board reaffirmed its existing recommendation of the transaction with Chevron at this time.

Anadarko had reached a definitive merger agreement with Chevron on April 11, 2019. Under the Chevron Merger Agreement, Chevron would acquire Anadarko in a transaction with consideration comprised of $16.25 in cash and 0.3869 of a share of Chevron common stock per share of Anadarko common stock.

On April 29, 2019, Anadarko said that it had resumed its earlier negotiations with Occidental after Anadarko's board of directors unanimously determined that a prior unsolicited proposal from Occidental received on April 24, 2019 to acquire Anadarko for $38.00 in cash and 0.6094 of a share of Occidental common stock could reasonably be expected to result in a "Superior Proposal" as defined in the Chevron Merger Agreement.

At the time, Anadarko announced that Occidental's April 24 Proposal reflected significant improvement with respect to indicative value, terms and conditions, and closing certainty as compared to any previous proposal Occidental made to Anadarko.