Denbury Resources Inc. (NYSE: DNR) (“Denbury”) and Penn Virginia
Corporation (NASDAQ: PVAC) (“Penn Virginia”) jointly announced
today that, in connection with Denbury’s pending acquisition of
Penn Virginia, April 16, 2019 at 5:00 p.m. Eastern Time is the
election deadline for record holders of shares of Penn Virginia’s
common stock to elect the form of merger consideration they wish to
receive in connection with the transaction.
An election will be valid only if a properly
completed and signed election form and letter of transmittal,
together with all required documents and materials set forth in the
election form and letter of transmittal and the instructions
thereto, is received by Broadridge Corporate Issuer Solutions,
Inc., the exchange agent for the transaction (“Broadridge”), by the
election deadline. Penn Virginia shareholders who hold their shares
through a bank, broker or other nominee may be subject to an
earlier deadline and should carefully read the instructions from
their bank, broker or nominee regarding making elections for their
shares. Shareholders with questions should contact Broadridge
toll-free at (855) 449-0977, or Penn Virginia’s proxy solicitor,
Okapi Partners LLC toll-free at (855) 305-0856 or, for brokers and
banks, collect at (212) 297-0720.
The election deadline does not impact the
deadline for Penn Virginia common shareholders to vote on the
proposal to approve the merger agreement being considered at the
special meeting of Penn Virginia shareholders to be held on April
17, 2019 at 10:00 a.m. Central Time. Penn Virginia shareholders are
encouraged to vote their shares if they have not already done
so.
As previously announced, under the terms of the
definitive merger agreement, shareholders of Penn Virginia will
receive, subject to proration, a combination of 12.4 shares of
Denbury common stock and $25.86 of cash for each share of Penn
Virginia common stock. Penn Virginia shareholders will have the
option to receive all stock or all cash, subject to proration such
that the overall mix of consideration does not result in more or
less than $400 million in cash being paid. Shareholders who fail to
make an election will receive whichever form of consideration is
undersubscribed.
The transaction is subject to the approval of
Penn Virginia shareholders and is subject to approval by Denbury’s
stockholders of the issuance of common stock and an amendment to
Denbury’s charter to increase its authorized shares. The
transaction is also subject to customary closing conditions.
ADVISORS
Guggenheim Securities, LLC is lead financial
advisor to Denbury. J.P. Morgan Securities LLC is providing
financial advice to Denbury with respect to capital structure and
financial aspects of the transaction and provided a financing
commitment letter for a new $1.2 billion bank revolving credit
facility and a $400 million senior secured second lien bridge loan.
Jefferies LLC is financial advisor to Penn Virginia. Vinson &
Elkins LLP is legal counsel to Denbury. Skadden, Arps, Slate,
Meagher & Flom LLP and Gibson, Dunn & Crutcher LLP are
legal counsel to Penn Virginia.
DENBURY RESOURCES INC.
Denbury is an independent oil and natural gas
company with operations focused in two key operating areas: the
Gulf Coast and Rocky Mountain regions. Denbury’s goal is to
increase the value of its properties through a combination of
exploitation, drilling and proven engineering extraction practices,
with the most significant emphasis relating to CO2 enhanced oil
recovery operations. For more information about Denbury, please
visit www.denbury.com. The information on Denbury’s website is not
part of this release.
PENN VIRGINIA CORPORATION
Penn Virginia is a pure-play independent oil and
gas company engaged in the development and production of oil, NGLs
and natural gas, with operations in the Eagle Ford shale in south
Texas. For more information about Penn Virginia, please visit
www.pennvirginia.com. The information on Penn Virginia’s website is
not part of this release.
NO OFFER OR SOLICITATION
This communication relates to the proposed
business combination transaction (the “Transaction”) between
Denbury and Penn Virginia. This communication is for informational
purposes only and does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, in any jurisdiction, pursuant to the
Transaction or otherwise, nor shall there be any sale, issuance,
exchange or transfer of the securities referred to in this document
in any jurisdiction in contravention of applicable law. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act, as amended
(the “Securities Act”).
ADDITIONAL INFORMATION AND WHERE TO FIND
IT
In connection with the proposed Transaction,
Denbury filed with the SEC a registration statement on Form S-4
(File No. 333-228935) that was originally filed on December 21,
2018 and amended on January 16, 2019, which includes a joint proxy
statement of Denbury and Penn Virginia and a prospectus of Denbury.
The registration statement became effective as of the close of
business on February 4, 2019. Denbury and Penn Virginia have filed
and may also file other documents with the SEC regarding the
Transaction. The Transaction will be submitted to Denbury’s
stockholders and Penn Virginia’s shareholders for their
consideration. A definitive joint proxy statement/prospectus was
sent to the stockholders of Denbury and shareholders of Penn
Virginia on or about March 4, 2019. This document is not a
substitute for the registration statement and joint proxy
statement/prospectus filed with the SEC or any other documents that
Denbury or Penn Virginia may file with the SEC or send to
stockholders of Denbury or shareholders of Penn Virginia in
connection with the Transaction. INVESTORS AND SECURITY HOLDERS OF
DENBURY AND PENN VIRGINIA ARE URGED TO READ THE REGISTRATION
STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE
TRANSACTION AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL
BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO
THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND RELATED
MATTERS.
Investors and security holders will be able to
obtain free copies of the registration statement and the joint
proxy statement/prospectus and all other documents filed or that
will be filed with the SEC by Denbury or Penn Virginia through the
website maintained by the SEC at www.sec.gov. Copies of documents
filed with the SEC by Denbury will be made available free of charge
on Denbury’s website at www.denbury.com or by directing a request
to John Mayer, Director of Investor Relations, Denbury Resources
Inc., 5320 Legacy Drive, Plano, Texas 75024, Tel. No. (972)
673-2000. Copies of documents filed with the SEC by Penn Virginia
will be made available free of charge on Penn Virginia’s website at
www.pennvirginia.com, under the heading “SEC Filings,” or by
directing a request to Investor Relations, Penn Virginia
Corporation, 16285 Park Ten Place, Houston, Texas 77084, Suite 500,
Tel. No. (713) 722-6500.
PARTICIPANTS IN
SOLICITATION
Denbury, Penn Virginia and their respective
directors and executive officers may be deemed to be participants
in the solicitation of proxies in respect to the Transaction.
Information regarding Denbury’s directors and
executive officers is contained in the proxy statement for
Denbury’s 2018 Annual Meeting of Stockholders filed with the SEC on
April 12, 2018, and certain of its Current Reports on Form 8-K. You
can obtain free copies of these documents at the SEC’s website at
www.sec.gov or by accessing Denbury’s website at www.denbury.com.
Information regarding Penn Virginia’s executive officers and
directors is contained in the proxy statement for Penn Virginia’s
2018 Annual Meeting of Shareholders filed with the SEC on March 28,
2018, and certain of its Current Reports on Form 8-K. You can
obtain free copies of these documents at the SEC’s website at
www.sec.gov or by accessing Penn Virginia’s website at
www.pennvirginia.com.
Investors may obtain additional information
regarding the interests of those persons and other persons who may
be deemed participants in the Transaction by reading the joint
proxy statement/prospectus regarding the Transaction. You may
obtain free copies of this document as described above.
FORWARD LOOKING STATEMENTS
The foregoing contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, included
in this communication that address activities, events or
developments that Denbury or Penn Virginia expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Words such as “estimate,” “project,” “predict,”
“believe,” “expect,” “anticipate,” “potential,” “create,” “intend,”
“could,” “may,” “foresee,” “plan,” “will,” “guidance,” “look,”
“outlook,” “goal,” “future,” “assume,” “forecast,” “build,”
“focus,” “work,” “continue” or the negative of such terms or other
variations thereof and words and terms of similar substance used in
connection with any discussion of future plans, actions, or events
identify forward-looking statements. However, the absence of these
words does not mean that the statements are not forward-looking.
These forward-looking statements include, but are not limited to,
statements regarding the Transaction, pro forma descriptions of the
combined company and its operations, integration and transition
plans, synergies, opportunities and anticipated future performance.
There are a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements included in this communication. These include the
expected timing and likelihood of completion of the Transaction,
including the ability to successfully integrate the businesses, the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement, the
possibility that stockholders of Denbury may not approve the
issuance of new shares of common stock in the Transaction or the
amendment of Denbury’s charter or that shareholders of Penn
Virginia may not approve the merger, the risk that the parties may
not be able to satisfy the conditions to the Transaction in a
timely manner or at all, the risk that any announcements relating
to the Transaction could have adverse effects on the market price
of Denbury’s common stock or Penn Virginia’s common stock, the risk
that the Transaction and its announcement could have an adverse
effect on the ability of Denbury and Penn Virginia to retain
customers and retain and hire key personnel and maintain
relationships with their suppliers and customers and on their
operating results and businesses generally, the risk the pending
Transaction could distract management of both entities from ongoing
business operations or cause them to incur substantial costs, the
risk that problems may arise in successfully integrating the
businesses of the companies, which may result in the combined
company not operating as effectively and efficiently as expected,
the risk that the combined company may be unable to achieve
synergies or it may take longer than expected to achieve those
synergies and other important factors that could cause actual
results to differ materially from those projected. All such factors
are difficult to predict and are beyond Denbury’s or Penn
Virginia’s control, including those detailed in Denbury’s annual
reports on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K that are available on its website at
www.denbury.com and on the SEC’s website at www.sec.gov, and those
detailed in Penn Virginia’s annual reports on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K that are
available on Penn Virginia’s website at www.pennvirginia.com and on
the SEC’s website at www.sec.gov. All forward-looking statements
are based on assumptions that Denbury or Penn Virginia believe to
be reasonable but that may not prove to be accurate. Any
forward-looking statement speaks only as of the date on which such
statement is made, and Denbury and Penn Virginia undertake no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law. Readers are cautioned not to
place undue reliance on these forward-looking statements that speak
only as of the date hereof.
DENBURY CONTACTS:
Mark C. Allen, Executive Vice President and Chief Financial Officer, 972.673.2000
John Mayer, Director of Investor Relations, 972.673.2383
PENN VIRGINIA CONTACTS:
Steve Hartman, Senior Vice President and Chief Financial Officer, 713.722.6500
Clay Jeansonne, Investor Relations, 713.722.6540
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