Hess Corp. has filed with the U.S. Securities and Exchange Commission for a potential spinoff of its retail segment, but noted it would still solicit offers from potential buyers to purchase the entire retail business, the Wall Street Journal reported.
If bids come rolling in, Hess plans to determine whether a sale or a spinoff is best for shareholders.
In March, Hess announced it planned to shed a number of units, shortly after Elliott Management bought a 4%-plus stake in Hess and began pushing it to sell assets and make other changes, according to the Wall Street Journal.
According to the filing, Hess shareholders would receive one share in the spun-off retail company for each Hess share held.
Hess Retail is the largest operator of convenience stores along the East Coast and the fifth largest in the U.S. by company-operated sites.
If Hess Retail Corp. becomes its own entity, the company intends to have its common stock authorized for listing on the New York Stock Exchange under the symbol HRE.