Chesapeake’s Largest Shareholder Says: Consider Selling

Yesterday, the largest outside shareholder of Chesapeake Energy stock (with 13.6 percent)—Southeastern Asset Management—sent a letter to CEO Aubrey McClendon and the board of directors with a loud and clear message: “We urge the board to be open to any offers to acquire the whole company.” Ouch. Not exactly a ringing endorsement. The letter also included some other “friendly” advice on how Chesapeake ought to be running its business (gotta love those investors, eh?).

Here’s the entire letter, as filed with the Securities and Exchange Commission:

To view this content, log into your member account. (Not a member? Join Today!)