Gold Reserve Ltd V.GRZ

Amber Energy selected by Special Master to acquire CITGO

[Digby8]

Amber Energy selected by Special Master to acquire CITGO

• Amber Energy Inc has been selected as the acquirer of PDV Holding, Inc., the parent of CITGO Petroleum Corporation, by Robert Pincus, the Special Master appointed by the United States District Court for the District of Delaware to oversee the sale of PDV Holding, Inc.
• Amber Energy is backed by a group of strategic U.S. energy investors, including Elliott Investment Management L.P.
• The transaction is expected to close in mid-2025, pending certain regulatory and other approvals, including approval by the U.S. District Court for the District of Delaware, and the satisfaction of certain conditions including those related to the Court process.
• Terms undisclosed
  • Although Bloomberg headlines indicate Elliott's offer was for $7.28B, citing a Delaware Court filing.

[mrmoribund]

The market and the media are acting like this is the end of it. This is not the end of it. The chance for topping bids has not even begun. In the end, one of two things will happen: (1) GRZ will prevail by making the last topping bid and buy Citgo (with its partners). (2) Some other bidder will get Citgo for a price high enough that GRZ will get paid in full.

[egss]

Why would stock dropo soooo muxh, do they still not get  payout?

[mrmoribund]

If this were the end of the bidding with a final price for Citgo of $7.2 billion then indeed GRZ would get little or nothing from the process. But it is not the end of the bidding. Rivett did not join this so he could end up with zippo. He knows what he's doing. Rest of the board also. We will have more clarity on Monday. Still MORE clarity on Wednesday.