[Editor's note: A version of this story also appeared in the January 2019 edition of Oil and Gas Investor, which can be found here.]

If there’s one thing that Denbury Resources Inc. (NYSE: DNR) and hedge fund Mangrove Partners agree on, it’s that Penn Virginia Corp. (NASDAQ: PVAC) is a compelling investment.

Denbury and the hedge fund’s view diverges there, with Mangrove considering its investment in Eagle Ford operator Penn Virginia a compelling standalone investment, Mangrove said in a Nov. 13 regulatory filing.

Mangrove’s rebuke of the $1.7 billion offer made by Denbury came 12 days after the deal, largely to be paid in stock, was announced. The investment firm also noted, in case Denbury had not, that its shareholders also appeared disaffected. Denbury’s share price had already plunged by more than 40%.

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