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Antitrust waiting period ends early for Denbury/Penn Virginia merger

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Antitrust waiting period ends early for Denbury/Penn Virginia merger

The planned merger between Penn Virginia Corp. and Denbury Resources Inc. received early termination of the waiting period under the Hart-Scott-Rodino Act.

The merger is scheduled for completion in the first quarter of 2019, subject to shareholder approval and other closing conditions, according to a Dec. 28 SEC filing.

Under the deal, Penn Virginia shareholders would receive 12.4 Denbury common shares and $25.86 of cash for each share held, equivalent to a deal value of about $1.7 billion. The oil and gas producer Penn Virginia's Eagle Ford Shale production area is near Denbury's Gulf Coast operations. Denbury also has oil and gas exploration and production operations in the Rocky Mountain region.