A pirate -- and not the roiling seas of the energy business -- may have been behind recent sharp changes in course by Atlanta-based Mirant Corp. After tangling with Pirate Capital LLC, a Norwalk, Conn.-based hedge fund, Mirant turned away from another company's takeover bid and announced it would sell its energy businesses in the Caribbean and the Philippines and buy back millions of company shares. To some, the move left the corporate ship drifting, but others saw improved results for stockholders.
July 25, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A pirate — and not the roiling seas of the energy business — may have been behind recent sharp changes in course by Atlanta-based Mirant Corp.
The buccaneer was Thomas R. Hudson Jr., who heads Pirate Capital LLC, a Norwalk, Conn.-based hedge fund. After dealing with Hudson, Mirant turned away from a takeover bid of another company and, following Hudson’s demands, announced it would sell its energy businesses in the Caribbean and the Philippines and buy back millions of company shares.
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