QEP Pursues Spinoff, $500M Buyback Amid Activist Pressure

Law360, New York (January 30, 2014, 12:29 PM EST) -- QEP Resources Inc. said Thursday it would spin off its midstream unit ahead of a potential sale and launch a $500 million buyback program, moves that come after activist investor Jana Partners LLC intensified its push for strategic change at the energy company.

The Denver-based outfit also said it added a pair of new directors to add upstream and midstream savvy to its board, and is forging ahead with previously announced plans to unload noncore upstream assets in transactions expected to close by July.

Earlier this...
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