Activist investor Keith Meister on May 21 reunited with billionaire investor Carl Icahn and said in a regulatory filing that they may try to buy oil and gas producer Energen Corp. (NYSE: EGN).
The announcement comes roughly two months after the Birmingham, Ala.-based company settled a long-simmering fight with Meister's New York-based hedge fund Corvex Management by agreeing to review its businesses and adding two members to the board.
Now Meister and Icahn have laid out a path where they might step into the strategic review process and prepare to take over the company themselves.
"The Reporting Persons believe the issuer's securities are undervalued and may, subject to due diligence, have interest in joining with other parties to acquire the Issuer as part of the strategic initiatives process or otherwise," the filing said.
Corvex also sold 2 million shares in Energen to Carl Icahn for $64.84 per share and granted him an option to buy another 2 million shares for $67.37 per share. Icahn may convert the shares any time between now and November 18, 2018, the filing says.
Corvex owns 8.5 million shares, or roughly 8.7% of Energen. The company's share price climbed 2.5% to $69.06 in early trading on the New York Stock Exchange on May 21.
Since January, the company's stock price has climbed 19.13$%.
In March Energen invited energy industry entrepreneur Jonathan Cohen and investor Vincent Intrieri, a longtime associate of Icahn's, to join the board.
Meister worked for Icahn for seven years and served on a number of boards where the billionaire investor owned stakes. In 2010, Meister went out of on his own and founded Corvex.
Recommended Reading
Fluence to Deliver a 300 MW/650 MWh Battery in Australia
2024-01-29 - Fluence Energy signs a 15-year service agreement with Origin Energy for Fluence’s Gridstack energy storage system.
Baker Hughes Marks Hydrogen Milestones
2024-01-29 - The energy technology company is involved with several hydrogen projects as it works to accelerate the hydrogen economy.
Kraft Heinz, Carlton Power Partner to Develop Green Hydrogen Plant
2024-02-05 - Located at Kraft Heinz’s Kitt Green manufacturing plant in Wigan, Greater Manchester, the proposed $50.1 million plant will have a 20-megawatt capacity.
Summit Carbon Solutions, POET Partner on CCS Project
2024-02-07 - The partnership will incorporate POET’s 12 facilities in Iowa and five facilities in South Dakota into Summit’s carbon capture and storage project.
Enough! Consumers Say They’re Overserved on Energy Transition, EY Finds
2024-02-11 - Two thirds of energy consumers are unwilling to spend more time and money to be sustainable, Ernst & Young reported.