This year has been an investment banker's dream as mergers and acquisitions has soared, with the healthcare sector leading the way. However, beaten up equity prices coupled with slumping oil prices could spur increased takeover activity in the energy patch.
That theory may be on its way to becoming as various media outlets reported Sunday evening that Apache Corporation (NYSE: APA) spurned a takeover offer from an unidentified suitor.
"The Houston-based company rejected the initial offer and is working with financial adviser Goldman Sachs Group Inc. on defense, said the people, who asked not to be identified because deliberations are private. The potential buyer, who could not immediately be identified, sent a letter to Apache in the past few weeks and it’s unclear whether talks will resume, one of the people said," according to a Bloomberg report.
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