Denbury Inc. and its advisors held talks with more than 28 potential buyers prior to agreeing to sell the company to Exxon Mobil Corp. for $4.9 billion.
(Bloomberg) — Denbury Inc. and its advisors held talks with more than 28 potential buyers prior to agreeing to sell the company to Exxon Mobil Corp. for $4.9 billion.
The CO2 pipeline operator signed confidentiality agreements with 17 of the parties over a two-and-a-half year period through July 2023, it said Tuesday in a filing.
“While a number of parties expressed various levels of interest at different points in time, ExxonMobil was the only party to provide an indication of interest above the current market price and submit a proposal to acquire Denbury,” it said.
Denbury would owe Exxon a break-up fee of $144 million if the deal were to fall through. No date has yet been set for the company’s shareholder meeting to approve the takeover.
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