Lone Star asks Penn Virginia to consider strategic alternatives

Fri Jun 26, 2015 1:58pm EDT
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June 26 (Reuters) - Penn Virginia Corp shareholder, Lone Star Value Management LLC, asked the oil and gas producer to consider strategic alternatives to explore "all credible proposals."

Lone Star's statement on Friday comes a day after Proactive Investors reported that BP Plc had offered to buy the U.S. oil and gas producer for $8 per share.

"If it is true that Penn Virginia could be sold for an 80 percent premium or more to a credible buyer, the board has a fiduciary duty to fully explore such an offer," said Lone Star, which has a 2.8 percent stake in Penn Virginia. (Reporting by Amrutha Gayathri in Bengaluru)