News reports at that time indicated that OXY had in fact offered a higher price for Anadarko - $70 per share - but Anadarko had decided to accept the Chevron offer due to "structural issues with the Occidental bid." This compares to the already-accepted $50 billion Chevron offer that values Anadarko stock at $65 per share, from which shareholders would receive $16.25 in cash and .3869 shares of Chevron for every share of Anadarko stock they own. Any way you look at it, shareholders would derive a higher initial return from the OXY offer than they would from the Chevron deal. Assuming OXY has dealt with those issues in the scope of this new, even higher offer, it seems to place the Anadarko board in a real quandary. Shares of Anadarko rose about 11% in pre-market trading, as investors anticipate OXY's new offer will re-open the bidding for the company.

Source: Forbes April 24, 2019 13:52 UTC