Jana Partners LLC, New York, called on The Houston Exploration Co., Houston, (NYSE: THX) to move forward on its offer to purchase the company for $62 per share in cash for a total deal value of $1.8 billion. Jana offered to enter a standstill and confidentiality agreement with the company in exchange for being allowed to begin immediate due diligence, which Jana noted could cause it to offer more than $62 per share. Jana has increased its ownership position in THX from 9% to 12.8% and is currently its largest shareholder.
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