Anadarko withdraws offer for Apache to acquire Anadarko

Anadarko announced today the company withdrew its recently proposed offer for Apache to acquire Anadarko. The offer was withdrawn after Apache denied Anadarko’s request to enter into a “mutually acceptable confidentiality agreement for the purpose of exploring the merits of a potential transaction,” according to Anadarko.

Anadarko’s efforts to enter into the confidentiality agreement “were summarily rejected and no discussions of substance occurred,” Anadarko Chairman, President and CEO Al Walker said. “We are unwilling to pursue the transaction without access to detailed non-public information, and based on our analysis, which shows that Apache appears to trade at or near full value currently, the offer was withdrawn.” The non-binding offer for Apache to acquire Anadarko, which was withdrawn, was an all-stock transaction.