May 26, 2023 | Energy | North America | Ended

PDC Energy / Chevron: Deal Insights

Energy giant Chevron agreed on 22-May-23 to acquire exploration and production company PDC Energy in an all-stock deal with an equity value at announcement of $6.3bn, or $72.00 per share. PDC shareholders will receive 0.4638 Chevron shares for each PDC share held, implying a 11% premium to the previous day’s close and a 14% premium to PDC’s average closing price over the prior 10 undisturbed trading days. Both companies’ boards have approved the deal, which is subject to HSR approval (a filing to be made by 5-Jun-23) and PDC shareholder approval (50%); Chevron shareholder approval is not required. The preliminary proxy is expected to be filed within 30 days (by 20-Jun-23) and the PDC shareholder meeting will be held within 40 days from the definitive proxy. The merger agreement contains customary representations, warranties, covenants, and MAC clauses with specific carve-outs for pandemics and ...

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