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.

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