has lost bids to acquire at least three of its peers in the last 12 months because its shares were spurned as acquisition currency, according to people familiar with the negotiations.
All-stock offers help reconcile price disagreements with acquisition targets whose shareholders are reluctant to cash out for fear energy prices may sharply rebound, but are happy to roll their stakes in a deal because they want to stay invested in the combined company. A Devon spokesperson declined to comment. In the company’s first-quarter earnings call last month, CEO Rick Muncrief said Devon had a “very, very high bar” on the acquisitions it would pursue.
Yet despite Devon’s strategy of running a tight ship and returning cash to shareholders, the production issues and higher costs have undermined investor confidence, and the market has more recently fallen out of love with Devon’s stock.
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