SailingStone Capital Buys 11% of Range Stock, Gets Board Seat

SailingStoneInvestment firm SailingStone Capital Partners recently purchased enough stock that the firm now owns 11% of Range Resources. That’s more than enough to exert great power and control. And so they have. That 11% stake in the company has “encouraged” (forced?) Range to grant SailingStone a seat on the board of directors. We were, at first, concerned. Is this yet another corporate raider out to force a company (Range) to layoff employees and sell assets in a bid to force the stock price higher so they can dump it and make a big profit? We don’t think so. We find no evidence that SailingStone is anything other than an investor with a lot of money who likes what they see in Range. Below is the official announcement, followed by commentary on SailingStone’s motivation for buying up Range stock…

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