Occidental's acquisition offer is for a 50-50 cash and stock split, according to a press release from Occidental.
“We have been focused on Anadarko for several years because we have long believed that we are ideally positioned to generate compelling value from a combination with them," Occidental President and CEO Vicki Hollub said in the press release.
A press release from Anadarko indicates the offer will not be considered, stating the Anadarko board of directors unanimously agreed to enter into a definitive agreement for the Chevron acquisition April 12.
According to the press release, the Anadarko board of directors will examine the Occidental proposal in order to determine the best course of action for stockholders.
"The Anadarko board expects to respond to Occidental's proposal upon completing its review, and accordingly reaffirms its existing recommendation of the transaction with Chevron at this time," the release states.