Investing.com - Energen Corporation's (NYSE:EGN) shares were climbing on Thursday, boosted by a WSJ report that Elliott Management has joined Corvex Management in pushing for the company to put itself up for sale.
Elliott Management owns a 4%-5% stake in Energen. Corvex increased its position to about 10% earlier this week. Under Alabama law, Corvex’s position entitles it to call a special meeting and add up to six directors to the company’s board.
Both hedge funds believe that Energen’s Permian Basin properties could attract a buyer. EGN recently completed a strategic review.
Energen's shares were recently up 3.4%