GeoPark Limited (NYSE:GPRK) slid 11% on Tuesday after Parex Resources Inc. (TSX:PXT) announced it was walking away from discussions over a potential acquisition, effectively ending more than a month of back-and-forth between the two companies.
Parex said its decision followed a detailed review of GeoPark’s data as well as multiple virtual and in-person meetings with management since November 14, 2025. After completing its assessment, the company concluded there was “no basis to increase its view on the value” above the all-cash offer of $9.00 per share it had submitted on September 4, 2025.
The update brings an abrupt end to a process that began on November 2, when GeoPark indicated it was open to exploring a potential deal. The companies entered into a non-disclosure agreement between November 4–13, after which Parex was given access to a virtual data room and received selective operational and financial information.
Both sides met in Bogotá on December 1 to share valuation perspectives. At that meeting, Parex warned that it would step away from negotiations unless progress could be made within the limits of its September proposal.
Talks officially came to a close on December 8, when GeoPark reiterated that it would not engage further under the terms Parex had outlined. As a result, Parex terminated the process. The company already held an 11.8% equity stake in GeoPark—a position it disclosed publicly on October 29, 2025.
Throughout the review period, GeoPark released several updates, including an unscheduled reserves report on November 24 and new operational guidance for 2026–2028 on December 1, moves widely interpreted as efforts to support a valuation above Parex’s bid.