Chevron protects $7.6 bn offer to obtain PDC Energy Chevron 2023
(NYSE: CVX) has accepted to obtain PDC Energy (NASDAQ: PDCE) in an offer worth $6.3 billion, the company revealed Monday.
The all-stock deal is valued at $6.3 B, or $72 every share. Based upon Chevron’s shutting price on May 19, PDC stockholders will receive 0.4638 shares of Chevron for every PDC share.
The total venture value of the deal, including financial debt, is $7.6 B. PDC shares have jumped greater than 8% on the news, currently trading at $70.63 premarket. ” PDC’s appealing and complementary assets reinforce Chevron’s position in key U.S. production basins,” claimed Chevron Chairman and CEO Mike Wirth. “This transaction is accretive to all important financial measures and enhances Chevron’s objective to safely deliver higher returns and lower carbon.” The offer is assumed to shut by the end of 2023. Chevron shares are down 0.8% premarket.