| Title: | Massey Energy Company (M&A Insight Note) |
| Price: | $100.00 |
| Publication Date: | Aug 08, 2007 |
| Company: | Massey Energy Company |
| Report Type: | M&A Insight Note |
| Brief Excerpt: | ...On August #, Third Point filed a ##D amen dment in which the activist hedge fund disclosed that it had sold off a substantial amount of its stake in Massey Energy (MEE). In June, two Third Point nominees who had prevailed in a #### proxy fight resigned from the Massey board, upset that the company had opted to remain independent rather than pursue a strategic business combination. (ISS supported one Third Point nominee in the #### fight.) Considering that Third Point sold its Massey shares at prices ranging from $## to $## and that the fund had established it s initial stake in #### at prices ranging from $## to $##, this investment clearly wa s a loser for Third Point manager Daniel Loeb. ... |
| Word Count: | 1831 |
| Length: | 4 Pages |
| Ticker: | MEE |
| Related Report(s): | - Massey Energy Company (Corporate Governance Quotient (CGQ)): $250.00
...The board is controlled by a supermajority of independent outsiders (independent outsiders greater than ##%) The nominating committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The company has a committee that oversees governance issues and the committee met in the past year There are between nine and ## directors serving on the board Shareholders have cumulative voting rights in director elections The CEO serves on the boards of two or fewer other companies No former CEO of the company serves on the board The company has governance guidelines that have been publicly disclosed on company website The performance of the board is reviewed regularly Outside directors meet without the CEO present and the number of meetings of the outside directors is specified A board approved CEO succession plan is in place Board members have express authority to retain outside advisors ...
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