GeoPark confirms rejection of acquisition proposal from Parex Resources

GeoPark (GPRK) confirmed its board of directors has reviewed and unanimously rejected an unsolicited, non-binding proposal from Parex Resources to acquire GeoPark in an all-cash transaction for $9.00 per share, received on September 4, prior to the announcement of GeoPark’s transformative acquisition in Vaca Muerta. Parex’s proposal was submitted “on the basis that GeoPark shall keep its existence and contents strictly confidential.” The board unanimously concluded that the proposal significantly undervalues GeoPark, fails to recognize its growth prospects and diversified portfolio, and is not in the best interests of GeoPark or its shareholders.