August 7, 2019 / 11:45 AM / 13 days ago

QEP Resources to stay independent, to work with Elliott on board

Aug 7 (Reuters) - QEP Resources Inc said on Wednesday it will remain an independent company and will work with Elliott Management Corp to identify two board nominees, several months after the hedge fund offered to buy the Permian-focused oil and gas producer.

Elliott, which owns about 4.9% stake in the company, in January offered to buy QEP for $2.07 billion.

QEP said it will also create a five-person operations committee, chaired by Chief Executive Officer Tim Cutt, that will include two current independent directors and two new board members as part of the agreement with Elliott. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Sriraj Kalluvila)

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