Jana Partners Continues Buying Houston Exploration (THX) After Offer Shot Down
In an amended 13D filing on Houston Exploration Co. (NYSE: THX) after the close Monday, Jana Partners disclosed a 14.8% stake (4.1 million shares) in the company. This is up from the 12.8% stake (3.7 million shares) the firm disclosed in a past filing.
On June 12, the hedge fund sent a letter to Houston Exploration's Board proposing to purchase the Company for $62 per share. In response to the offer, Houston Exploration's board said the unsolicited offer from JANA Partners was not in the best interest of its shareholders.
On June 26, the Company announced that its Board of Directors has engaged Lehman Brothers Inc. to assist the Company in exploring a broad range of strategic alternatives.