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Article: Penn Virginia Holder Raises His Voice Again.(Daniel Loeb of Third Point Management)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- October 28, 2002
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Penn Virginia Corp.'s largest shareholder, Third Point Management, is making noise again. But sources predicted that unless the hedge fund gains control of Penn's board, it will be business as usual for the oil-and-gas company.
In an Oct. 18 13DA, Daniel Loeb, head of New York-based Third Point, which owns 9.8% of the $290 million market cap exploration-and-production company, filed his latest salvo. In a lengthy letter to Penn Chief Executive Officer James Dearlove, Loeb expresses his disappointment in the company's market valuation and offers two strategic suggestions: repurchase stock and hire an investment bank to evaluate options, including a sale. Loeb also ...