One site for Breaking News, Politics, Sports, Entertainment & more!

Newz Chooze
Back

Shares of QEP Resources Inc. soared 42% in afternoon trade Monday, on track for the biggest one-day gain since they went public nearly nine years ago, after the oil and gas exploration company confirmed it has received a preliminary unsolicited proposal to be acquired by hedge fund Elliott Management Corp., in a deal that would value QEP at $2.07 billion. QEP said Elliott had proposed paying $8.75 in cash for each QEP share outstanding that it didn't already own, representing a 44% premium to Friday's closing price of $6.08. Elliott is QEP's 6th-largest shareholder, according to FactSet, with the latest filings indicating a stake of 11.7 million shares, or 4.9%, as of Sept. 30. QEP said it plans to review and "carefully consider" Elliott's proposal. The stock's previous biggest one-day percentage gain was 16%, on Nov. 30, 2016. Despite the stock's surge, it was still down 24.4% over the past three months, while the SPDR Energy Select Sector ETF has declined 21.2% and the S&P 500 has shed 11.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.