Anadarko CEO addresses rejected bid for Apache

Anadarko Petroleum Corp. (NYSE: APC) today announced a statement from Chairman, President and CEO Al Walker regarding Anadarko’s rejected bid for Apache Corp.

"We constantly strive to make Anadarko a better company," Walker said. "As part of these efforts to enhance value, and after extensive analysis of public information, we recently sent Apache Corp. a nonbinding 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 nonpublic information, and, based on our analysis, which shows that Apache appears to trade at or near full value currently, the offer was withdrawn."

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