06-20-2016, 09:43 PM
Anyone arguing for this deal simply ignores the facts. The primary driver of this deal is a misguided and misaligned incentive approved by our board and rewards our CEO for doing a deal. Not a good deal, not a great deal, just any deal where change of control takes place.
He went hat in hand to potential buyers, negotiated from weakness and sold out shareholders for the benefit of his own bonus.
There were many, many deals that could have been negotiated. Smaller stake sell down....preservation of B, R, T and other acreage, etc, etc........but none equaled changed of control and resulted in Hessions bonus.
Botten fought the tough fight for his shareholders against Woodside. He badly out negotiated Hession, he struck an excellent deal with Total. He's proven resourceful and creative like a good CEO should behave. Has the fiduciary responsibility to behave.
He went hat in hand to potential buyers, negotiated from weakness and sold out shareholders for the benefit of his own bonus.
There were many, many deals that could have been negotiated. Smaller stake sell down....preservation of B, R, T and other acreage, etc, etc........but none equaled changed of control and resulted in Hessions bonus.
Botten fought the tough fight for his shareholders against Woodside. He badly out negotiated Hession, he struck an excellent deal with Total. He's proven resourceful and creative like a good CEO should behave. Has the fiduciary responsibility to behave.