trending Market Intelligence /marketintelligence/en/news-insights/trending/koPqgB88y7Qg2bS6NqkySA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Denbury, Penn Virginia terminate $1.7B merger deal

As COVID-19 Wears On, Regulators Examine Moratorium Extensions, Cost Recovery

Essential Energy Insights - June 11, 2020

Webinar Replay

Deep Dive on Oil & Gas for Financial Institutions

Essential Energy Insights - May 28, 2020


Denbury, Penn Virginia terminate $1.7B merger deal

Denbury Resources Inc. and Penn Virginia Corp. agreed to terminate their previously announced $1.7 billion merger transaction, citing challenging market conditions and opposition of certain Penn Virginia shareholders.

None of the companies will be responsible for any payments to the other party as a result of the deal termination, the companies announced March 21.

"While we firmly believed in the strategic merits of the combination with Penn Virginia, the difficult market conditions since announcement, combined with the opposition of certain Penn Virginia shareholders, led us to the conclusion that the transaction was unlikely to receive the necessary super majority approval from Penn Virginia shareholders," said Chris Kendall, president and CEO of Denbury.

Under the terms of the transaction announced in October 2018, Penn Virginia shareholders would have received 12.4 Denbury common shares and $25.86 of cash for each share held, with an option to elect all cash, all stock or a mix of both. The deal closing would have created a combined company with an enterprise value of $6.0 billion, with Denbury stockholders holding 71% of the combined company, and owning the remaining 29% stake.

As a result of the termination, the companies will not hold special meetings of their respective shareholders on April 17. Penn Virginia said it will provide an operational and guidance update in its first-quarter earnings report.