By Katherine Hamilton
GeoPark has adopted a limited-duration shareholder rights plan after a single stockholder accumulated a significant amount of its shares.
The Bogota, Colombia, oil and gas operator said Tuesday it is trying to protect shareholder value and reduce the likelihood that any one investor gains too much influence on the company.
Generacion Argentina, a subsidiary of the Argentine energy conglomerate Pampa Energia, purchased 5.2 million shares in GeoPark from May 15 to May 30, according to a Securities and Exchange Commission filing on Friday. That amounts to 10.2% of GeoPark's shares.
Limited-duration rights plans are typically used to deter hostile takeovers, or unwanted acquisitions.
Under the plan, the rights will become exercisable if any entity or person acquires ownership of 12% or more of GeoPark's shares in a transaction not approved by the board. Each right would then entitle its holder to purchase additional shares at the then-current price, but the shares would have a market value of twice the exercise price of the right.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
June 03, 2025 17:11 ET (21:11 GMT)
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