SunCoke Energy shares rose to their highest level since July 2015 on Monday after Foxhill Capital Partners said it is opposed to the company acquiring the remaining units of SunCoke Energy Partners (SXCP).
Foxhill owns 259,252 units of SunCoke Energy Partners and sent a letter stating its opinion to the firm’s conflicts committee.
“Foxhill does not believe the offer reflects the long-term, intrinsic value of the common units and is not in the best interests of all SXCP common unit holders,” the shareholder said. “Foxhill is making its letter public to inform other common unit holders of what it perceives to be a deeply undervalued offer being made by SXC, as well as to encourage the highest levels of transparency and fairness in the Conflict Committee’s evaluation of the SXC offer.”
SXC was up 3% at $12.57 recently, having earlier traded as high as $12.68. The 52-week low is at $2.05. SXCP was up nearly 2%, near the top-end of the 52-week range between $5.16 and $21.94.