By OGJ editors
HOUSTON, June 22 -- JANA Partners LLC has called on the board of Houston Exploration Co. (HEC) to move forward on JANA's offer to buy HEC for $62/share, or a total of $1.7 billion.
In a June 22 letter, JANA of New York asked for a standstill and confidentiality agreement with HEC in exchange for being allowed to begin immediate due diligence.
HEC issued a brief statement in response saying that its board was reviewing the proposal and will advise the shareholders of its position regarding the offer.
JANA made its offer on June 12. It has since increased its ownership position in HEC and is currently the company's largest shareholder with 12.8% of its outstanding shares.