Hedge Fund Mason Capital Makes Play to Buy Ascent Resources

Ascent Resources, formerly American Energy Partners, is a privately held company focused 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, OK, is Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S. The largest shareholder in the privately owned company is the private equity firm Energy & Minerals Group (EMG), with an “over 30% stake.” EMG wants to sell that stake in one of its portfolio companies to another EMG company. Another (smaller) investor, the Abu Dhabi Investment Council, sued to block the transfer, alleging a “conflicted sale” that will short-change existing investors (see EMG, Which Owns 30% of Ascent Resources, Blocked from Selling). The plot thickens. Another long-time investor, Mason Capital Management (a hedge fund), sent a letter to Ascent's board offering to buy all outstanding shares in the company for cash at a price "superior to that contemplated by the EMG transaction."

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