Elliott, Hess Strike Deal

May 16 2013 | 11:42am ET

Elliott Management demanded five board seats at Hess Corp. The oil and gas company responded with an offer of two. The sides have settled on three.

With just hours to go before Hess' annual meeting, Hess agreed to add three of the hedge fund's nominees to its board—after its slate was elected at the meeting. Elliott said it would now back that slate, all of whom are new to the board and independent of Hess management.

"We are pleased to reach an agreement that we believe is in the best interests of Hess shareholders, and we welcome each of our new directors," CEO John Hess said.

"We are pleased to welcome a highly qualified and refreshed board at Hess," Elliott's John Pike said.

The deal between the sides was struck late last night; Hess was reportedly pushed by several large shareholders who wanted to seat some of Elliott's nominees. Elliott's slate was reportedly leading Hess' nominees heading into today's meeting.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note