“Top 5” Shareholder in Devon Energy Pushes Company to Sell Itself

Devon Energy completed its merger with Coterra Energy just over one month ago, on May 7, paying Coterra $21.4 billion in Devon stock (see Devon and Coterra Complete Merger, Launches $8B Buyback Program). It's been no secret that one of the larger investors in Coterra and Devon (owning about 1.4% of Devon's stock), so-called activist investor Kimmeridge, lobbied Coterra prior to the merger to sell off its Marcellus assets (see Activist Investor Declares Coterra Merger Failed – Sell Marcellus). Kimmeridge has some new company. Another so-called activist investor, TOMS Capital Investment Management, recently invested big money in the combined Devon (now a "top 5" investor in Devon) and is pressuring the recently merged company to sell assets and (in a complete surprise), consider selling itself! Just a month after merging!

---

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