Anadarko Petroleum Corp. chairman, president and CEO Al Walker confirmed the company made a bid to acquire Apache Corp. However, in a Nov. 11 statement, he explained that the offer had later been withdrawn.
“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 non-binding offer to acquire the company.”
Walker said the proposed all-stock transaction, which included a modest premium, would have provided a growth opportunity for Anadarko and provided Apache shareholders increased value “based on public information and Apache’s historic financial and operating underperformance.” He added that Anadarko has a successful track record of 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,” Walker said. “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and based on our analysis, which shows that Apache appears to trade at or near full value currently, the offer was withdrawn.”