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Relational Investors LLC Will Acquire Percentage Of Magnum Hunter Resources

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May 28, 2014

Relational Investors LLC, the activist fund co-founded by Ralph Whitworth and David Batchelder, agreed to acquire about 15% of Magnum Hunter Resources Corp. (NYSE: MHR) in a deal backing management at the oil and natural gas explorer, according to Bloomberg May 28.

Relational will buy 21.4 million shares at $7 apiece in a private placement, according to a statement. Net proceeds of about $150 million will allow the Houston, Texas-based company to expand drilling at its Marcellus and Utica Shale projects in the U.S. Appalachian Basin and repay some revolver ...

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