QEP Resources Confirms Receipt of Proposal from Elliott
January 07 2019 - 1:55PM
QEP Resources, Inc.(NYSE: QEP) (“QEP” or the “Company”) today
confirmed that it has received a preliminary proposal from Elliott
Management Corp. ("Elliott") to acquire the Company for
$8.75 per share in cash, subject to certain conditions including,
among others, satisfactory completion of due diligence and
negotiation of definitive documentation.
The Company’s Board of Directors intends to
review Elliott’s proposal and will carefully consider the proposal
in the context of the best interests of all of the Company’s
shareholders, taking into account the Company’s other alternatives
and current market conditions.
About QEP Resources
QEP Resources, Inc. (NYSE:QEP) is an
independent crude oil and natural gas exploration and production
company with operations in two regions of the United States:
the Southern Region (primarily Texas and Louisiana)
and the Northern Region (primarily North Dakota). For more
information, visit QEP's website at: www.qepres.com.
Forward-Looking Statements
This release includes forward-looking statements
within the meaning of Section 27(a) of the Securities Act of 1933,
as amended, and Section 21(e) of the Securities Exchange Act of
1934, as amended. Forward-looking statements can be identified by
words such as “anticipates,” “believes,” “forecasts,” “plans,”
“estimates,” “expects,” “should,” “will” or other similar
expressions. Such statements are based on management’s current
expectations, estimates and projections, which are subject to a
wide range of uncertainties and business risks. Actual results may
differ materially from those included in the forward-looking
statements due to a number of factors, including, but not limited
to: (i) the occurrence of any event, change or other circumstance
that could delay the closing of previously announced divestitures
or give rise to the termination of the agreements related thereto;
(ii) changes in applicable laws or regulations; and (iii) the
possibility that QEP may be adversely affected by other economic,
business and/or competitive factors; (iv) and the other risks
discussed in the Company’s periodic filings with
the Securities and Exchange Commission, including the Risk
Factors section of the Company’s Annual Report on Form 10-K for the
year ended December 31, 2017, and Quarterly Reports on Form
10-Q filed in 2018. QEP undertakes no obligation to publicly
correct or update the forward-looking statements in this news
release, in other documents, or on the website to reflect future
events or circumstances. All such statements are expressly
qualified by this cautionary statement.
ContactInvestors & Media:William Kent,
IRC303-405-6665
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