Glazer Capital Urges QEP Shareholders To Vote Against Acquisition Of QEP By Diamondback

(RTTNews) - Glazer Capital LLC, which beneficially own about 5.7% of the outstanding shares of QEP Resources Inc. (QEP), issued an open letter to fellow shareholders of QEP, urging them to vote against proposed acquisition of QEP by Diamondback Energy Inc. (FANG) at the special meeting of QEP stockholders. The special meeting is scheduled to be held on March 16, 2021.

Glazer's letter stated the merger consideration of 0.05 shares of Diamondback per QEP share is materially inadequate and the proposed acquisition would prevent shareholders of QEP from realizing the benefits of the recent surge in small cap exploration and production company valuations.

Glazer Capital believes that ISS should rescind its recommendation of the proposed Diamondback Acquisition.