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MEE Exploring Strategic Alternatives

By Market News Video Staff, Tuesday, November 23, 12:22 PM ET

Massey Energy (MEE) said today it has hired Perella Weinberg Partners and Cravath, Swaine & Moore review strategic alternatives that could enhance shareholder value. Massey said it has not set a timetable for completion of its evaluation and there can be no assurance the process will lead to a transaction. The company did not specify what strategic alternatives it is exploring.

Massey shares are trading lower by just over 2% on Tuesday.

Massey is the top stock, at 5.26%, of the SPDR S&P Metals & Mining ETF (AMEX:XME), also trading lower by about 2% today. Hecla Mining (NYSE:HL) is the second-largest holding in the fund at 5.17%, followed by Stillwater Mining (NYSE:SWC) at 4.63% of the portfolio.


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This Article's Word Cloud:   AMEX   Energy   Investment   Massey   Metals   Mining   Moore   NYSE   Portfolio   Stillwater   Swaine   about   allows   also   alternatives   asset   bonds   classes   company   complete   completely   completion   could   countries   designed   enhance   evaluation   followed   growth   investors   just   lead   leads   lower   performance   portfolio   process   program   said   shareholder   shares   short   stocks   strategic   terms   there   today   trading   transaction   what
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