=Denbury Resources (DNR) receives corporate buyout offer for $1.20 per share

• Update 7/20: DNR delisted from NYSE.  Effective July 31, 2020, the Company’s common stock will commence trading on the OTC Pink marketplace under the symbol “DNRCQ.”
• Changed its name to Denbury Inc. (DEN) in September 2020.

Denbury Resources announces it has received an official offer for corporate buyout at $1.20 a share. This includes transferring full ownership of the company. The corporation making the offer is not revealed.

The agreement is expected to be successful and with it finalized, Denbury Resources would continue to operate on a business-as-usual basis.

Denbury Resources is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Plano, Texas. The company extracts petroleum via enhanced oil recovery, which utilizes carbon dioxide to extract petroleum from fields that have been previously exploited.

The acquisition would allow Denbury Resources to continue as a going-concern by receiving additional liquidity to cover its missed interest payments and a large debt portfolio.

-=Symantec Corp (SYMC) : co has been approached about an acquisition by Thoma Bravo

• Reuters notes that confidential sources indicated that there is no certainty that discussions between co and the private equity firm will lead to a deal.

(Reuters) - Private equity firm Thoma Bravo has approached Symantec Corp (SYMC) to express interest in acquiring the Norton antivirus software maker, people familiar with the matter told Reuters on Tuesday.

A deal could be the largest leveraged buyout this year, based on Symantec's market value of about $15 billion (11.47 billion pounds) and total debt of about $5 billion.

There is no certainty that the discussions between Thoma Bravo and Symantec will lead to a deal, the sources said, asking not to be identified because the matter is confidential.

Symantec declined to comment. Thoma Bravo did not immediately respond to a request for comment.

Symantec shares jumped as much as 18 percent after Reuters reported the approach, and were up $2.72 at $22.75 in early afternoon trade.

Private equity firms Bain Capital and Silver Lake are also investors in Symantec. They could choose to participate in the deal as equity investors, as opposed to cashing out, according to one of the sources.

Technology has been a rich playing field for private equity in the past few years, most notably with computer maker Dell Inc's almost $25 billion deal to go private in 2013.

Thoma Bravo has been seeking to rapidly consolidate the cybersecurity sector. Last month, it announced a $2.1 billion acquisition of Imperva Inc (IMPV), and on Monday it announced the acquisition of another cybersecurity firm called Veracode from Broadcom Inc (AVGO) for $950 million.

It has also done deals with Symantec in the past, acquiring its web certificates business last year for close to $1 billion.

Symantec became more focused on cybersecurity after it sold its Veritas storage unit for about $7.4 billion to private equity firm Carlyle Group LP (CG) in 2016.

GameStop (GME) : a buyout rumor

• Mon 6/18/18: Reuters reported that the company is holding talks with private equity firms over a potential transaction.
• Tue 6/19/18: GameStop confirms it is in exploratory discussions with third parties regarding a potential transaction.  "There can be no assurance any agreement will result from these discussions. GameStop does not intend to make any additional comments regarding these discussions unless and until it is appropriate to do so."

 

• Next day:

-=Boston Scientific(BSX) : report of buyout approach from Stryker (SYK)

• The Wall Street Journal reported that the medical device company received a buyout approach medical technology products company Stryker Corp. (SYK)
• That would create a medical-device giant with a combined value of more than $110 billion.

CHS : buyout rumor

• Two months later: