Hess (HES) Receives Hart-Scott-Rodino Notification Notice from Elliott Associates
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Hess Corporation (NYSE: HES) announced today that Elliott Associates, L.P. and its associated entity Elliott International Limited notified Hess this past Friday in writing that they intend to file a Hart-Scott-Rodino Notification and Report Form seeking regulatory clearance to acquire additional Hess shares beyond those they may already own, if any. The correspondence suggests that Elliott may seek to acquire shares valued at more than $800 million. A law firm representing Elliott Associates, L.P. also informed the company that Elliott is considering nominating candidates for election to Hess’s Board of Directors at Hess’s upcoming 2013 annual meeting.
John Hess, Chairman and Chief Executive Officer, said, “Prior to the letters we received this past Friday, Elliott had not contacted us about their intentions, nor have we had any discussions with them. As we do with all shareholders who engage with us, if Elliott wishes to do so, we will meet to hear their ideas.”
Hess continued, “We have transformed Hess into a predominantly exploration and production company, which is part of a multi-year strategy to grow shareholder value. This strategy is focused on developing lower risk, higher return assets such as those related to our leadership position in the Bakken oil shale of North Dakota.
John Hess, Chairman and Chief Executive Officer, said, “Prior to the letters we received this past Friday, Elliott had not contacted us about their intentions, nor have we had any discussions with them. As we do with all shareholders who engage with us, if Elliott wishes to do so, we will meet to hear their ideas.”
Hess continued, “We have transformed Hess into a predominantly exploration and production company, which is part of a multi-year strategy to grow shareholder value. This strategy is focused on developing lower risk, higher return assets such as those related to our leadership position in the Bakken oil shale of North Dakota.
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