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Denbury and Penn Virginia terminate merger agreement in victory for Mangrove Capital

( March 21, 2019, 22:15 GMT | Official Statement) -- MLex Summary: Oil companies Denbury and Penn Virginia have mutually agreed to terminate their agreement to merge in the face of shareholder opposition and weak oil prices. The decision is a victory for activist investment fund Mangrove Capital, which has opposed the deal, saying that Denbury's debt level and weak oil prices were an unacceptable risk to Penn Virginia shareholders. In a statement, Chris Kendall, Denbury’s president and CEO, commented, “While we firmly believed in the strategic merits of the combination with Penn Virginia, the difficult market conditions since announcement, combined with the opposition of certain Penn Virginia shareholders, led us to the conclusion that the transaction was unlikely to receive the necessary super majority approval from Penn Virginia shareholders."Statement follows below:...

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