New York-based hedge fund Jana Partners LLC has filed with the SEC to acquire The Houston Exploration Co. (THX), Houston (NYSE: THX) at $62 per share for a total deal value of $1.8 billion. Jana managing partner Barry Rosenstein says in the prospectus, "The (THX) board's response in our opinion has been insufficient, evidencing an apparent belief that alluding vaguely to pursuing shareholder value will shift attention away from excessive and unjustified transfers of shareholder value to company executives." THX is urging shareholders to not take action yet. The offer comes after Jana Partners recently requested certain books and records of THX regarding its fiscal activities in the Gulf of Mexico. Jana owns about 12.3% of THX's 29.09 million outstanding shares, and reported that THX did not properly maximize its share values when it chose to purchase properties in the GOM. Lehman Brothers Inc. is financial advisor to THX, and Akin Gump Strauss Hauer & Feld LLP is legal advisor.
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