TOMS Capital Investment Management (TCIM) said it was “profoundly disappointed” that Devon Energy ended its strategic review without selling additional assets. [2, 3, 4] TCIM believes Devon should focus on maximizing shareholder value and says potential buyers would pay a substantial premium for the entire company. [2, 7]
TCIM said it was encouraged by a recent conversation in which Devon’s leadership allegedly assured the investor that the company would engage with any interested third parties about a potential sale. [4, 5] TCIM expects Devon’s board to follow through on that commitment. [7]