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Penn Virginia shares rise on report of BP offer

Reuters - UK Focus

June 25 (Reuters) - Penn Virginia Corp's shares rose as much as 15.5 percent on Thursday following a report that BP Plc had offered to buy the U.S. oil and gas producer for $8 per share.

The offer, which values the company at about $573 million, represents an 80 percent premium to Penn Virginia's Wednesday close of $4.45. The company's shares were trading at $5 on Thursday afternoon.

Penn Virginia has rejected the offer saying it undervalues the company, financial news website Proactive Investors reported, citing sources familiar with the situation. (http://bit.ly/1eJjp4g)

BP declined to comment, while Penn Virginia was not immediately available for comment. (Reporting by Anannya Pramanick in Bengaluru; Editing by Saumyadeb Chakrabarty)