Chesapeake’s Biggest Holder May Seek Third-Party Involvement
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Southeastern Asset Management Inc., the largest investor in Chesapeake Energy Corp., filed to change its status to an activist investor so it may pursue talks with management or third parties to boost the company’s value.
Southeastern disclosed a 13.6 percent stake in Oklahoma City-based Chesapeake in a filing today with the U.S. Securities and Exchange Commission. Mason Hawkins, Southeastern’s chairman and chief executive officer, pushed to have Chesapeake CEO Aubrey McClendon replaced as chairman and to halt a perk that allowed McClendon to buy personal stakes in Chesapeake’s oil and natural-gas wells.