- Alon USA Energy (NYSE:ALJ +5.1%) is sharply higher after saying it has discussed a potential business combination with Delek U.S. Holdings (DK +3.8%) as part of a broader examination of strategic alternatives.
- ALJ says it has formed a special committee of independent board members to lead the review of strategic alternatives and has hired JPMorgan Chase as financial advisor.
- ALJ also says it has not established a timetable for completing its strategic review, and does not expect to issue further statements about the strategic process unless there is a material event.