Unsolicited

Following days of silence, Houston Exploration Co. (THX) late Monday said its board of directors has unanimously decided that the unsolicited acquisition proposal by JANA Partners LLC (see Daily GPI, June 23) was not in the best interests of its shareholders. Instead, the independent announced that Lehman Brothers Inc. will help “in exploring a broad range of strategic alternatives to further enhance shareholder value.”

Firm in its rejection of unsolicited takeover moves by a fellow merchant power generator, Princeton, NJ-based NRG Energy, Inc. late last Monday asked Delaware’s Chancery Court to dismiss a complaint filed last month by Mirant Corp, the would-be acquirer of NRG. Mirant sued over NRG’s staunch rejection of its proposed buyout offer as being undervalued and offering a weak stock.

Stone Energy Corp. said Friday its board of directors will consider an unsolicited $1.43 billion cash-and-stock proposal from New Orleans-based Energy Partners Ltd., which would dislodge an all-stock offer in April by Plains Exploration and Production Co.

The NorthWestern Energy Board of Directors has voted unanimously to reject the unsolicited proposal made over a week ago by a coalition of municipal entities to take over the company — which emerged from bankruptcy last year — through a stock buyout, the company said in a Thursday morning press release. By later the same day the coalition had issued its own press release saying it was undeterred.

Acknowledging concerns about China’s global economic ambitions, the CEO of China National Offshore Oil Corp. (CNOOC) said the unsolicited $18.5 billion cash offer for Unocal Corp. is “friendly,” and said he hopes it will lead to a “consensual transaction.” Meanwhile, financial analysts appear to believe that Chevron Corp., which already has an offer on the table for Unocal, will prevail.

‘The New York Mercantile Exchange reported Thursday that it received an unsolicited offer from Boston-based Parthenon Capital LLC to buy a 60% controlling interest in the exchange for up to $2 million per seat, or about $980 million for 490 seats on the exchange.

The New York Mercantile Exchange reported Thursday that it received an unsolicited offer from Boston-based Parthenon Capital LLC to buy a 60% controlling interest in the exchange for up to $2 million per seat, or about $980 million for 490 seats on the exchange.

Hunt Oil Co.’s unsolicited bid to purchase all of the issued andoutstanding shares of Berkley Petroleum Corp. for C$10 per sharewas received as expected by Berkley shareholders, with theDallas-based company extending an olive branch by saying it wouldlengthen the time period for its offer to be reviewed.

Hunt Oil Co.’s unsolicited bid to purchase all of the issued andoutstanding shares of Berkley Petroleum Corp. for C$10 per sharewas received as expected by Berkley shareholders this week, withthe Dallas-based company extending an olive branch by saying itwould lengthen the time period for its offer to be reviewed.