- Denbury Resources (DNR +7.6%) is higher after Penn Virginia (PVAC +1%) 5.2% shareholder Contrarian Capital Management comes out against the proposed merger of the two energy companies.
- "While we appreciate the hard work of PVAC's Board of Directors and management team in their efforts to maximize shareholder value, since the proposed merger was announced, oil prices and oil stocks have collapsed and the cost of capital has risen dramatically, both of which have materially weakened DNR's financial position, making the proposed merger a losing proposition for the company's shareholders," Contrarian's letter says.
- Top shareholder Mangrove Partners recently raised its stake in PVAC and called for an end of the proposed deal.