Shares in the Fort Worth-based company gained 15% by noon to sit at $14.52/share on five times the normal trading volume. Quicksilver's 52-week range is $10.53 to $16.59/share.
The trading was kicked off by an announcement before the market opened that the Darden family, which controls 28% of Quicksilver's stock is seeking board permission to share non-public information with the SPO Advisory Group of Mill Valley, California, while it epxlores "strategic alternatives for the company.
Darden family, which has three members on Quicksilver's six-member board, also said it is exploring the possibility of buying out other shareholders at a "substantial" premium and taking Quicksilver private. At Quicksilver's current market capitalization of $2.4 billion, the family would need to raise roughly $1.7 billion to buy the rest of the company's outstanding stock.
The Darden family interests in Quicksilver is bundled into a limited partnership, Quicksilver Resources, which holds the Quicksilver stakes of board Chairman Thomas Darden, CEO Glenn Darden and Human Resources Vice President Anne Darden Self. All three sit on Quicksilver's board. The Dardens are siblings.
SPO Advisor, which has been accumulating Quicksilver shares at low prices for the past two years, according to filings with the US Securities and Exchange Commission, said in filings Monday that it would engage management and the board in discussions about the company's future.
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