Massey Energy Shares Fall On Stock Offering
Mar 22, 2010 Company News, Stock to watch
Coal producer Massey Energy, (MEE) should be very active in Tuesday trading. The shares are off almost 4% in after hours trading on Monday, after the company announced that it is selling 8.5 million shares of its stock.
The company is planning to use the proceeds to fund its purchase of privately held Cumberland Resources, a deal which Massey announced on Wednesday March 17.
The stock is off $1.95 to $48.90 in after hours trading on Monday.
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Tags: acquisition, cumberland resources, massey energy, merger
