Following discussions with certain holders of CNX Gas common stock, Consol’s management recommended to its board of directors that the company terminate the proposed exchange offer, concluding that it will not be in the best interest of Consol and its stockholders to proceed with the offer.
Consol’s management recommendation was based on the considerations that price demands from certain CNX Gas stockholders were deemed unreasonable and that stock market volatility has made it difficult to accurately assess the ultimate cost of the transaction.
Consol does not intend to sell or divest itself of the shares of CNX Gas that it already owns. In addition, the company intends to continue buying shares of CNX Gas common stock periodically in open market purchases based on a number of considerations, including price.
