Who’s Joining in the Assault on Chesapeake?

Major Chesapeake Energy Corp. (NYSE:CHK) shareholder Southeastern Asset Management disclosed a letter the company sent to Chesapeake’s CEO expressing several concerns.

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Southeastern owns 13.6 percent of Chesapeake’s outstanding shares and disclosed a letter sent to the firm’s Chief Executive Officer Aubrey McClendon in a regulatory filing. The letter suggested that the company take action in the areas of debt targets, management focus, and strategic options.

The letter encouraged the board to to consider offers to acquire the company: “Our second set of concerns relates to management’s focus, and the time spent on unproductive communications…we urge the board to be open to any offers to acquire the whole company.”

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