Massey Reportedly Considering a Sale

Coal miner Massey is considering several strategic options including a sale, according to the <I>Wall Street Journal</I>.
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NEW YORK (TheStreet) -- Coal miner Massey (MEE) is considering several strategic options including a sale, according to a Wall Street Journal report.

The options could include selling to another coal miner or a private-equity firm, buying another company or remaining independent, the report said.

A source told the

Journal

that Massey could by mid-November be engaged in "detailed due diligence" with one of these options.

The company's general counsel told the newspaper that Massey's constantly looking at M&A opportunities, but wouldn't divulge details until the plans were set.

Last spring, an explosion at a Massey mine in West Virginia left 29 miners dead and the company under intense scrutiny.

Shares of Massey stock had climbed 8.6% to $38.56 shortly after the opening bell Tuesday.

-- Written by Andrea Tse in New York.

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