PVAC - Penn Virginia: Throw That Lump Of Coal Away
Penn Virginia (OTC:PVAC) had announced that a merger with Denbury Resources (DNR) had been proposed. Since then the price of Denbury Resources has collapsed as shown:
Source: Seeking Alpha Website December 22, 2018
Part of the merger agreement was the payment of 12.4 shares of Denbury common and $25.86 for each share of Penn Virginia common stock. (Shareholders actually have three options, an all cash offer of $79.80, a mixed offer and an all stock offer of 18.3454 shares. If too many shareholders elect a specific option, then proration