Under the revised proposition, Occidental would acquire Anadarko for consideration consisting of $59 in cash and 0.2934 shares of Occidental stock per share of Anadarko stock, according to a press release from Anadarko.
"Occidental has obtained committed financing for the entire cash portion of the aggregate transaction consideration, and completion of the transaction will not require or be conditioned upon the receipt of any vote or other approval by Occidental's stockholders," the release states.
Anadarko has indicated its intention to terminate the agreement with Chevron, according to the press release. Under the previous agreement, Chevron has until May 10 to provide revisions to its agreement or to make another proposal.
"We acknowledge receipt of Anadarko’s notification, and we have no further comment at this time," Chevron spokesperson Kent Robertson said.
Chevron announced its initial proposal to acquire Anadarko on April 12.