Anadarko Board Pulls Out of Chevron Contract for “Superior Proposal”
What looks to be a good ol’ fashioned bidding war, Anadarko Petroleum Corporation announced on Monday that its board of directors has unanimously determined to terminate the Chevron Merger Agreement and accept a revised offer from Occidental Petroleum Corporation, a company that came to them with a revision of a previous offer. According to a press release from Anadarko issued on May 6th, the offer from Occidental Petroleum Corporation constitutes a “Superior Proposal” and Anadarko has notified Chevron of their intentions to terminate their merger.