Anadarko Petroleum’s board said Monday Occidental Petroleum’s buyout offer is “superior” to its purchase deal with Chevron, Kallanish Energy reports.

The oil supermajor is now on the clock. It has four days to counter Occidental’s latest bid for Anadarko, or walk away – with $1 billion of Anadarko’s money in its pocket for the prey cancelling its offer, first made April 11.

Chevron’s offer was $33 billion, or $65 a share. On April 24, Occidental offered $38 billion, or $76 a share for independent producer Anadarko.

Occidental on Sunday sweetened its bid by offering to pay mostly cash for Anadarko, after earlier structuring the transaction as a 50-50 cash-and-stock deal. (See story elsewhere in this issue.)

“Anadarko has notified Chevron that (i) Anadarko’s board of directors has unanimously determined that the revised Occidental proposal constitutes a “superior proposal” and (ii) after complying with its obligations to Chevron under the Chevron merger agreement, Anadarko intends to terminate the Chevron merger agreement in order to enter into a definitive merger agreement with Occidental in connection with the revised Occidental proposal,” the Anadarko board said, in a statement.

If Anadarko terminates the Chevron deal, Anadarko will pay Chevron a $1 billion termination fee as required by the Chevron merger agreement.

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