Massey Energy Is Officially On The Sell Block (MEE)

Massey Energy

is in the process of trying to sell itself. According to the Wall Street Journal, CEO Don Blankenship had been against selling the company right now due to regulatory issues surrounding the accident at one of the company's mines last April. Massey's Board of Directors apparently disagreed with the CEO. Massey has hired Perella Weinberg Partners LP and Cravath, Swaine, & Moore LLP as its advisers. Below is the full statement from Massey. During today's trading session, MEE shares rose 3.08% to $50.52 during regular trading hours, and added another 2.34% to $51.70 in the after hours. Massey Energy Company

today announced that its Board of Directors, as part of its annual review of the Company's strategy, has directed the Company to engage in a formal review of strategic alternatives to enhance shareholder value. The Board's Strategic Alternatives Review Committee will advise and report to the Board on this process. The Company has retained Perella Weinberg Partners LP and Cravath, Swaine & Moore LLP as financial and legal advisors, respectively, to advise the committee and the Board in its review. The Company has not set a definitive timetable for completion of its evaluation and there can be no assurance that this process will lead to the approval or completion of any transaction. The Company does not intend to disclose developments regarding this process unless and until its Board of Directors approves a specific transaction or otherwise concludes its review of strategic alternatives. Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the largest coal producer in Central Appalachia and is included in the S&P 500 Index.