$21.5 billion private investment firm urges strategic and operational review.
Elliott Management Corp. recently sent a letter to shareholders of Hess Corp., urging them to elect at the Company’s 2013 Annual Meeting the following slate of five independent directors to the Board:
Rodney Chase – Former Deputy Chief Executive, BP plc
Harvey Golub – Former CEO, American Express Co.
Karl Kurz – Former Chief Operating Officer, Anadarko Petroleum Corp.
David McManus – Former Executive Vice President, Pioneer Natural Resources Co.
Marshall Smith – Chief Financial Officer, Ultra Petroleum Corp.
Alternate board nominees are:
William Berry – Former Executive Vice President, ConocoPhillips Co.
Jonathan Macey – Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School
Elliott strongly advocates for Hess to conduct a full strategic and operational review to consider all pathways to maximize shareholder value, which could include implementing a substantial divestment program with a potential spinoff of the Bakken asset to refocus its portfolio; improving operations and accountability; and bringing greater discipline to capital allocation.
Elliott, affiliates of which beneficially own 4% of the common stock of Hess Corp., is a multi-strategy investment firm with deep experience investing in public and private companies.
“The Nominees each bring substantial expertise and deep experience and were selected specifically for their ability to foster the boardroom dynamics that are required to unlock the Company’s enormous potential,” Elliot said in its letter. “We believe that unlocking this trapped value could result in a share price of greater than $126 per share, amounting to upside of over 150%, or $26 billion of enterprise value creation.” For more information visit: www.ReassessHess.com