Elliott Management offers to buy QEP Resources for $8.75/share

|About: QEP Resources, Inc. (QEP)|By:, SA News Editor

QEP Resources (NYSE:QEP) +29.9% pre-market after shareholder Elliott Management proposes to buy the company for $8.75/share in cash, representing a premium of 44% to the closing stock price on Jan. 4.

Elliott says its proposal is conditioned on the closure of the Haynesville asset sale announced on Nov. 19 but not conditioned on the closure of the Williston asset sale announced on Nov. 7.

Elliott believes QEP "remains deeply undervalued" and says a sale of the company would be the best approach to deliver maximum value to shareholders.

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