(FINalternatives) Keith Meister’s activist hedge fund Corvex Management LP has raised its stake in oil and gas producer Energen to 7.6% and criticized the company’s decision to maintain the status quo following a review of strategic alternatives.
In late May, Corvex disclosed a 5.5% stake in Energen and called for a possible sale of the firm. Energen said on June 19 that it had completed a strategic review of alternatives and would be sticking with its business plan, a decision Meister described as “disappointing,” according to Reuters citing a June 27 letter including in U.S. securities filings.
