Energy Partners in Takeover Talks
Independent oil and gas explorer Energy Partners Ltd. said Friday it is in talks with “interested parties” about the company’s possible sale.
Energy Partners said it will provide another update by mid-February, unless the process is completed sooner.
In November, Woodside Petroleum Ltd., Australia’s largest publicly traded petroleum company, said it would not extend for a third time its $883.2 million hostile bid.
A month earlier, Energy Partners called off its planned $1.4 billion acquisition of Lafayette, La.-based Stone Energy Corp., saying it was in shareholders’ best interest. The company paid Stone Energy an $8 million termination fee.
Shares of Energy Partners closed Thursday at $22.44 on the New York Stock Exchange, where they have traded between $16.37 and $28.85 in the past year.
