Massey Energy Surges on Buyout Rumors
NEW YORK (TheStreet) -- Massey Energy's( MEE) stock was surging on news that the company is considering a buyout offer from competitor Alpha Natural Resources (ANR) .
The Wall Street Journal
reported that the Massey is "weighing a takeover offer" from Alpha, but that other options remain on the table, including an auction. Massey will consider the possibilities at a board meeting later this month.
|
Shares of Massey were up 12% to $47.29 less than an hour before the close of Friday's regular trading session.
Potential buyers for Massey Energy are said to be
Alpha Natural Resources
(ANR)
(ANR),
Arch Coal
(ACI) - Get Report
and
Consol Energy
(CNX) - Get Report
.
However,
Peabody
(BTU) - Get Report
would be an unlikely buyer, according to the chatter.
Takeout speculation has beset Massey shares ever since
The Wall Street Journal
reported on Oct. 18 that Massey was exploring strategic alternatives.
The Richmond, Va.-based coal producer has struggled to recover after an explosion at one of its mines in West Virginia killed 29 workers earlier this year.
-- Written by Andrea Tse in New York.
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