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Corvex firm on investor vote after Energen seeks court ruling
September 14, 2017 / 9:46 PM / 3 months ago

Corvex firm on investor vote after Energen seeks court ruling

(Reuters) - Activist investor Corvex Management LP said it would go ahead with its plan to get Energen Corp’s (EGN.N) investors to vote on its proposals and called the company’s decision to seek court’s guidance on Alabama’s shareholder rights law a “distraction”.

Corvex, in a letter on Thursday, said the U.S. oil and gas producer's management was "attempting to hide behind the Court", instead of welcoming shareholder talks and that it would "not rest until shareholders' voices are heard." (bit.ly/2xB5A53)

Energen sought the Circuit Court of Jefferson County to adjudicate on whether Corvex’s 10.1 percent stake allowed it to call a special shareholder meeting under Alabama laws, the company said in a filing on Tuesday.

Corvex, which has emerged as Energen’s biggest shareholder, has since May waged a public campaign urging the company to sell itself or make changes to its board.

Energen said it would not comment beyond its Tuesday filing.

Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Arun Koyyur

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