Shareholder urging Chesapeake not to dismiss acquisition offers
This, from the article, is a quote from the biggest institutional shareholder of Chesapeake stock:
“We urge the company to take action in three areas: debt targets, management focus and strategic options,” Southeastern CEO O. Mason Hawkins and two other officials wrote.
Southeastern said Chesapeake's current share price is far below its net asset value, so it would not support a “lowball” bid for the company.
“We also don't want to use this large price-to-value gas as an excuse to refuse discussions with any potential acquirers who would be willing to pay a price today that recognizes the longer term value of the company,” officials wrote Monday in a letter to McClendon and Chesapeake's board.
http://newsok.com/article/3673337/
This is disturbing on several levels. The most obvious fear is that Chesapeake's largest shareholder is telling the board to sell off all or most of its assets and consider all acquisition offers. This is a harrowing turn of events for OKC.
And reading Pete's post above, I don't care what Aubrey has done for the community. Big whoop. He took other people's money and threw it around to build local good will. I have never heard anything kind said about the guy. I've heard from people who I know very well and are not prone to hyperbole that he's a megalomaniacal a-hole. Fine. Whatever. It doesn't matter. The guy is risking not only his company's future, but the future of his shareholder investors and this city's economy.
He and his rubber-stamp, overpaid board need to go NOW. The guy cannot control his personal impulse to spend money and be a big shot at Deep Fork buying $400 bottles of wine to show off for Rolling Stone. He's like a drunk. He has no ability for introspection.
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