Houston-based Penn Virginia Corp. (Nasdaq: PVAC), an upstream energy company focused on the Eagle Ford Shale, has found a buyer three months after announcing it would evaluate “strategic alternatives.”
Plano, Texas-based Denbury Resources Inc. (NYSE: DNR) will acquire Penn Virginia in a deal valued at $1.7 billion, including the assumption of debt, according to an Oct. 28 press release. The deal is expected to close in the first quarter of 2019. Denbury stockholders will own about 71 percent of the combined company, and Penn Virginia shareholders will own the other 29 percent.
For each share of PVAC, Penn Virginia shareholders will receive a combination of 12.4 shares of Denbury common stock and $25.86 of cash, representing total consideration of $79.80 per share based on Denbury’s Oct. 26 closing price. Penn Virginia shareholders will be able to receive all stock or all cash, as long as Denbury does not pay more than $400 million in cash combined.
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