RE: Takeover rules23 Sep 2020 15:59
With forcast over 100kbpd, 1,9bln debt, 4bln tax credit AND current valuation 150m PMO has to be on the plate for takeover.
Much more than this FT article from 3 months ago indicates. They state there, takeover might even be advised by creditors:
'In similar circumstances, creditors will often elect an adviser to figure out whether it is worth agitating for alternatives such as a disposal or a stake sale, as well as to sound out potential buyers for a full takeover.
To that end, Apache would be one of the first names on any adviser’s list. The North Sea contributes about 15 per cent of Apache’s annual production and, while the fields are likely past their peak, they still deliver steady cash on relatively low operating costs with negligible political risk attached.
Buying Premier would approximately double Apache’s North Sea production, according to Jefferies analysts. Operational overlap would deliver cost savings as well as some huge potential tax benefits, with Premier carrying tax losses well in excess of $4bn versus a market value of less than $600m.'
https://www.ft.com/content/bbe01e4e-d38f-4e33-a3cd-94926e7f4039