23 June 2006
We can be bought
Oklahoma City, June 23, 2006 - Kerr-McGee Corp. (NYSE: KMG) announced today that its board of directors has unanimously approved an all cash offer of $70.50 per common share to merge into Anadarko Petroleum Corp. (NYSE: APC). The transaction is subject to the approval of Kerr-McGee shareholders as well as other customary regulatory approvals and is expected to close by the end of the third quarter.
"This compelling offer represents a 40% premium to yesterday's closing stock price and immediately recognizes the value of Kerr-McGee's strategy and assets for our shareholders," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "The merger with Anadarko combines two companies with similar strategies and creates the largest U.S.-based independent exploration and production company.
"Kerr-McGee has a long history as an innovator in the energy industry. I thank each of our employees for their many contributions that have helped build the company and achieve the successes that enabled stockholders to realize the significant value this transaction will deliver."
Anadarko is paying approximately $16 billion for Kerr-McGee, and in a separate transaction is acquiring Western Gas Resources, based in Denver. Review, then dismemberment, will follow.
So long, guys. It was a nice ride while it lasted.Posted at 7:42 AM to Soonerland