MDU Resources gains after Corvex discloses stake, intends to talk to management

peterschreiber.media/iStock via Getty Images MDU Resources rose 3.3% in after hours trading after activist investor Corvex Management disclosed a 4.9% stake in the company. Corvex owns 10.1 million shares that it purchased for almost $270 million, according to a 13-D filing. Corvex praised MDU Resources (NYSE:MDU) for its decision last week to separate Knife River through a tax-free spinoff to shareholders. "This transaction is a positive first step towards removing the significant discount embedded in MDU shares," Corvex's Keith Meister wrote in the filing. Corvex said it intends to enter talks with MDU's board and management in regard to additional strategic alternatives and plans to enhance the earnings potential to levels "commensurate" with industry peers. MDU Resources (MDU) on Thursday announced it plans to separate its Knife River construction materials business from the company, resulting in two independent, publicly traded companies.