Anadarko pulls offer to acquire Apache

Offshore staff

HOUSTON Anadarko Petroleum Corp. has withdrawn an offer to acquire Apache Corp. in a proposed all-stock transaction after it was rejected. Anadarko said that no discussions of substance occurred.

In a statement Anadarko Chairman, President, and CEO Al Walker said: “We constantly strive to make Anadarko a better company. As part of these efforts to enhance value, and after extensive analysis of public information, we recently sent Apache a non-binding offer to acquire the company. The proposed all-stock transaction, which included a modest premium, would have been highly accretive to Anadarko on a cash flow per-share basis, even before synergies.

“Further, based on public information and Apache’s historic financial and operating underperformance, the proposed transaction offered shareholders of both companies numerous value-creation opportunities given Anadarko’s demonstrated success at building value through operational excellence, proven capital allocation, and active portfolio management.

“Our efforts to enter into a mutually acceptable confidentiality agreement for the purpose of exploring the merits of a potential transaction were summarily rejected and no discussions of substance occurred. We are unwilling to pursue the transaction without access to detailed non-public information, and based on our analysis, which shows that Apache appears to trade at or near-full-value currently, the offer was withdrawn.”

11/11/2015

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