Paul Singer Is Feeling Magnanimous In Pre-Victory


Appreciative as he is of Hess' generous offer to seat two of his five board nominees after he votes for Hess' own five, Paul Singer rather contemptuously declines. But, even though he's quite sure he's the one holding the cards at Thursday's shareholder confab, he wouldn't want you to think him unreasonable, so he's got a counter offer:

Give me everything I want, and I won't insist on embarrassing you at the proxy polls this week.

Your move, Hess.

Elliott offered to seat both its slate of five director nominees and Hess’s slate, in what it said was a step toward completely remaking the board of the energy company. The final size and makeup of that group would be jointly decided.

“Shareholders want real change and a renewed board,” the investment firm said in a statement. “Hess has promised such renewal and this solution will follow through on that promise….”

On Monday, Hess proposed seating two of Elliott’s nominees if shareholders approved the company’s slate of directors first. Elliott rejected that proposal as a “P.R. stunt.,” in the apparent belief that it was set to claim victory at the company’s annual shareholder meeting on Thursday.

In Fight With Hess, Elliott Proposes Seating All Board Nominees [DealBook]
Hess offers hedge fund two board seats but is rejected [Reuters]