On Monday, Denbury Resources Inc. announced that it had agreed to buy long-thought takeover target Penn Virginia Corp. for $1.7 billion. And on Tuesday, Chesapeake Energy Corp. said it was buying WildHorse Resource Development for almost $4 billion. Freeman doesn't know to what extent WildHorse was marketed or the terms of the transaction's break-up fee. That's roughly in line with recent M&A in the area among exploration and production companies, including Denbury's purchase of Penn Virginia at his estimate of $8,300 per acre. However, Chesapeake is offering $22.85 per share for WildHorse, versus Freeman's previous valuation of $34 per share and Seaport Global Securities' valuation of $32 per share.

Source: Forbes October 31, 2018 00:33 UTC