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Penn Virginia-Denbury merger faces new challenge as Contrarian Capital opposes deal

By Jason Booth ( February 13, 2019, 23:51 GMT | Insight) -- The merger between Penn Virginia and Denbury faces a new challenge as Penn Virginia shareholder Contrarian Capital disclosed its opposition to the deal, citing Denbury’s high debt levels and depressed share price. The disclosure means that shareholders owning more than 17 percent of Penn Virginia's stock have committed to voting against the deal, which will require approval from two-thirds of all outstanding shares to proceed.The merger between Penn Virginia and Denbury faces a new challenge as Penn Virginia shareholder Contrarian Capital disclosed its opposition to the deal, citing Denbury’s high debt levels and depressed share price. The disclosure means that shareholders owning more than 17 percent of Penn Virginia's stock have committed to voting against the deal, which will require approval from two-thirds of all outstanding shares to proceed....

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