Activist-Pressured Penn Virginia Denies BP Takeover Bid

Jun 25 2015 | 11:43pm ET

Penn Virginia Corporation released a press release on Thursday to tell investors that it "did not issue a press release" earlier in the day after rumors swirled that it had turned down a takeover offer from BP.

The embattled oil-and-gas exploration firm has been under pressure from activist investor George Soros to sell itself. Soros, who owns an 8% stake in the firm, is seeking to exit his position through a buyout. In February, the firm hired an investment bank to seek a potential suitor, but no offer has emerged.

On Thursday, shares jumped as much as 22% after rumors swirled that the company turned down an $8-per-share bid from the multinational oil giant.  

Shares remained up 11% on the day, even after the company announced through a press release that it had no comment to offer on takeover speculation.

In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...


CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...