Loeb's Third Point Discloses 8% Stake in TXCO Resources (TXCO), Plans to Nominate 3 To Board
In a 13D filing on TXCO Resources, Inc. (Nasdaq: TXCO), Daniel Loeb's Third Point LLC disclosed an 8% stake (2,750,000 shares) in the company. Loeb said the stock is undervalued and he cited concerns about the Company's ability to manage the opportunities of its development projects. Loeb intends to nominate three invididuals to the company's board of directors.
Loeb's spent approximately $34,536,430 to acquire the 2,750,000 shares the hold (about $12.56 per share).
TXCO Resources Inc. is engaged in the exploration, exploitation, development, production and acquisition of onshore domestic oil and gas reserves.