CEO John Hess is publicly enthusiastic about the deal, and it would be tough for another bidder to emerge given Hess’s size.
Chevron’s $60 billion deal to purchase Hess looks on track despite a sharp drop in Chevron’s stock. Wall Street is betting Hess will stand by its commitment.
The current deal value is nearly $150 a share per Hess share, Barron’s calculates, a roughly 3.4% premium to Hess’s current price. “We believe it is unreasonable to expect any challenge to what is ultimately an agreed acquisition between two consenting CEOs with the integrity to honor the agreement,” he wrote in a client note Monday.Roy Behren, co-manager of the Merger Fund, said in an email Tuesday the deal is likely to be completed as it is structured: “Some people are unhappy about the low premium but at this point given the strong support of management and founders we think it is unlikely” there will be a rival bidder.
Chevron unveiled the deal shortly before before its weak third-quarter earning announcement and presumably knew the disappointing results were coming.
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