Playing the Field: Competing Bids for Anadarko Petroleum Corp
Anadarko Petroleum CEO Al Walker must make a recommendation to his board of directors regarding the merits of two competing merger proposals. Weeks earlier, on April 11, 2019, Anadarko had agreed to be acquired by Chevron Corporation in a cash and stock deal that Chevron valued at $65 per Anadarko share. Now, following speculation that Occidental was working with Warren Buffett, Anadarko had received a competing bid from Occidental Petroleum that Occidental valued at $76 per Anadarko share. Walker now needed to decide which offer was superior. If the Anadarko bid was determined to be superior, Anadarko would be required to pay a $1 billion break-up fee to Chevron.
- 2020 HBS
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- Harvard Business Publishing
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- Business and Finance, Nonfiction,
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