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

Fund Manager's Disease: Common Symptoms and Proposed Remedies

May 3 2016 | 6:11pm ET

The cadre of 25 research analysts at Murano Systems speaks with more than 150 investors...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...