WEST PALM BEACH, FL (HEDGECO.NET) – Hedge Fund and shareholder Sandell Asset Management, with Houston Exploration Corp., urged the energy company to auction itself off, saying in a letter that it was\u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cencouraged\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d by its previous decision to engage Lehman Brothers to look at strategic options.<\/p>\n
Thomas Sandell, CEO<\/span> of New York based Sandell Asset Management Co., joined hedge fund Jana Partners in asking the natural gas producer put itself up for sale. Last month Huston Exploration had to ward off an unsolicited $1.8 billion offer for the company by hedge fund group Jana Partners LLC<\/span> but said it would explore strategic options, including a sale. <\/p>\n Sandell said he opposes the company using proceeds from recent Gulf of Mexico asset sales to buy onshore reserves, as the move is \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cfraught\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d with risks. <\/p>\n Sandell currently holds a 5% stake in Houston Exploration. In the regulatory filing Sandell is quoted as saying, \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cwe want to reiterate unequivocally our view that given the large disparity between public market trading and strategic transaction valuations, the most efficient way to maximize and realize shareholder value is through a sale of the company,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d <\/p>\n Houston Exploration is considering \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201ca broad range of strategic alternatives\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u00a6..We give serious consideration to all of our shareholders\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 views and are committed to taking appropriate steps to enhance value for them,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d the company said. <\/p>\n One analyst said Jana\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s offer for Houston Exploration was below par and investors feel a higher bid might occur. Houston Exploration shares were up 42 cents at $62.29 in afternoon trading on the New York Stock Exchange, slightly higher than Jana\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s offer. <\/p>\n Alex Akesson HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! <\/p>\n Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a> <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" WEST PALM BEACH, FL (HEDGECO.NET) – Hedge Fund and shareholder Sandell Asset Management, with Houston Exploration Corp., urged the energy company to auction itself off, saying in a letter that it was\u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cencouraged\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d by its previous decision to engage Lehman Brothers […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4804","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4804"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4804\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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