Activist shareholder Fir Tree Capital Management LP began a campaign for Halcon Resources Corp. management to consider selling the company, pitting hedge fund tycoon Jeffrey Tannenbaum against Texas shale legend Floyd Wilson.
Halcon should “ultimately look to sell the business,” New York-based Fir Tree said in an open letter to management Oct. 22. The hedge fund also made several recommendations to boost the share price including reducing debt, buying back stock and selling Halcon’s drilling rights in Pecos County, Texas.
Halcon didn’t immediately respond to an email and phone message seeking comment.
Fir Tree is one of Halcon’s biggest shareholders...