DFW energy company, Houston firm call off billion-dollar acquisition

Houston-based Penn Virginia Corp. (Nasdaq: PVAC) and Plano-based Denbury Resources Inc. (NYSE: DNR) have mutually agreed to terminate an acquisition announced in late October.

Neither company will have to pay a breakup fee, according to press releases issued after markets closed on March 21.

Denbury had planned to acquire Penn Virginia in a cash-and-stock deal that was valued at $1.7 billion, including the assumption of debt, as of Oct. 26, 2018. However, like oil prices, both companies’ stock…

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