QEP Resources Explores Sales Process Following Haynesville Deal

With the $735 million Haynesville Shale divestiture closed, QEP Resources Inc. (NYSE: QEP) has engaged Evercore Inc. to explore a sale following a surprise takeover bid by activist investor Elliott Management Corp. in early January.

Elliott’s takeover offer of $2 billion to $2.5 billion was premised on QEP’s Permian Basin assets being undervalued.

The offer, a 44% premium on QEP’s stock price, was contingent on the company closing the sale of its Haynesville asset to Aethon Energy Management LLC’s Aethon III. QEP is also in the process of selling its Williston Basin assets, though Elliott put no conditions on that sale closing, as it winnowed down its company into a Permian Basin pure-play.