Despite a multibillion-dollar buyout offer from its shareholder and hedge fund Elliott Management Corp., QEP Resources Inc. said Aug. 7 it will remain an independent company.

Instead, the Denver-based oil and gas producer entered into a cooperation agreement with Elliott, which owns about 4.9% of QEP’s common stock, that includes working together to identify two new board nominees.

The hedge fund’s roughly $2.1 billion takeover offer for QEP earlier this year represented a 44% premium to the company’s closing price at the time.

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