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BUZZ-Penn Virginia Corp: Rises on report of BP offer

Thu, 25th Jun 2015 17:00

** Oil and gas producer's shares rise as much as 19pct to $5.30

** BP offered to buy Penn Virginia for $8/share,financial news website Proactive Investors said, citing sourcesfamiliar with the matter

** Offer represents 80 pct premium to Penn Virginia'sWednesday close

** Penn Virginia rejected the offer and is holding out forat least $10/share, Proactive Investors reports

** Exxon Mobil Corp and Chevron Corp mayalso be interested in Penn Virginia, website says

** More than 11 mln shares traded by 12:45 p.m. ET, abovetheir 25-day moving avg of 3.1 mln

** 9 of 16 brokerages rate the stock "buy" or higher, 7"hold"; their median PT is $8

** Up to Wednesday's close, stock had fallen by more than athird this year

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