No takeover news here, Penn Virginia says after takeover rumor
Penn Virginia Corp., the embattled Radnor oil- and gas-exploration company whose stock price soared by nearly 23 percent Thursday amid takeover rumors, issued a press release Thursday announcing that "it did not issue a press release earlier today."
Penn Virginia Corp., the embattled Radnor oil- and gas-exploration company whose stock price soared by nearly 23 percent Thursday amid takeover rumors, issued a press release Thursday announcing that "it did not issue a press release earlier today."
Some British media reported Thursday that Penn Virginia, whose earnings have been battered by low prices and which is under pressure from activist investor George Soros, had turned down an $8-a-share takeover offer from oil giant BP.
Penn Virginia's stock price, which opened Thursday at $4.46 on the New York Stock Exchange, jumped as high as $5.58 before settling down to under $5 following its press release announcing that it had no comment on market rumors.
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