Jana demands QEP form independent committee to study spin-off
Nov 13 (Reuters) - The board of oil producer QEP Resources Inc should immediately form a committee, independent of Chairman Charles Stanley, to evaluate a spin-off of the company's pipeline business, activist hedge fund Jana Partners LLC said in a letter released publicly on Wednesday.
Jana, which disclosed a 7.5 percent stake in the company last month and is now its largest shareholder with 7.6 percent, said Stanley has not fully unlocked the value of the company's pipeline business for shareholders.
Jana wants the QEP board to form a committee to study a spin-off, or possibly a sale, of the unit.
A QEP representative was not immediately available to comment.
Shares of QEP rose 3.4 percent to $33.14 in morning trading.
- Russia criticizes EU sanctions, raps U.S. over Ukraine role |
- Israel says ready to extend short Gaza truce; many bodies pulled from rubble |
- First Ebola victim in Sierra Leone capital on the run
- Amazon's far-reaching ambitions, lack of profits, unnerve investors |
- Apple iPhones allow extraction of deep personal data, researcher finds