CNX Gas Forms Special Committee to Consider CONSOL Energy Proposal
January 29 2008 - 6:20AM
PR Newswire (US)
PITTSBURGH, Jan. 29 /PRNewswire-FirstCall/ -- CNX Gas Corporation
(NYSE:CXG) said that in response to CONSOL Energy Inc.'s
announcement today that CONSOL Energy plans to commence an exchange
offer for all outstanding shares of CNX Gas common stock not owned
by Consolidation Coal Company, a wholly-owned subsidiary of CONSOL
Energy, CNX Gas' Board of Directors has formed a special committee
of independent directors, consisting of Philip W. Baxter and John
R. Pipski, to evaluate the offer. (Logo:
http://www.newscom.com/cgi-bin/prnh/20051213/CNXLOGO ) If CONSOL
Energy does commence the exchange offer, then within 10 business
days following such commencement CNX Gas will advise its
stockholders of its position regarding the exchange offer as
determined by the special committee. CNX Gas requests its
stockholders to defer making a determination whether to accept or
reject the exchange offer until they have been advised of the
position of the CNX Gas special committee with respect to the
exchange offer. The special committee has retained Skadden, Arps,
Slate, Meagher & Flom LLP as its legal counsel and UBS
Investment Bank as its exclusive financial adviser to assist in its
consideration of the proposal. NOTICE TO STOCKHOLDERS The exchange
offer referred to in this news release has not commenced. In
response to the proposed exchange offer, if commenced, CNX Gas will
file with the Securities and Exchange Commission (the "SEC")
certain materials, including a Solicitation/Recommendation
Statement on Schedule 14D-9. Stockholders of CNX Gas are strongly
advised to read the Solicitation/Recommendation Statement (if and
when it becomes available) because it will contain important
information. Stockholders may obtain a free copy of the
Solicitation/Recommendation Statement (if and when it becomes
available) and other materials filed by CNX Gas with the SEC at the
SEC's web site, http://www.sec.gov/. Stockholders may also obtain,
without charge, a copy of the Solicitation/Recommendation Statement
and other materials (if and when they become available) by
directing a request to CNX Gas, 5 Penn Center West, Suite 401,
Pittsburgh, Pennsylvania, 15276, Attention: Investor and Public
Relations. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
STATEMENTS Various statements in this release, including those that
express a belief, expectation, or intention, as well as those that
are not statements of historical fact, are forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934). These statements involve risks and uncertainties that
could cause actual events and results to differ materially from
projected events and results. Accordingly, investors should not
place undue reliance on forward-looking statements as a prediction
of actual events and results. Actions taken by CONSOL Energy with
respect to its proposed exchange offer, as well as any other
matters, may cause actual events to differ from those we describe.
We undertake no obligation to update or revise any forward- looking
statements, whether as a result of new information, future events
or otherwise. Contact: Dan Zajdel CNX Gas Corporation (412)
200-6719 http://www.newscom.com/cgi-bin/prnh/20051213/CNXLOGO
http://photoarchive.ap.org/ DATASOURCE: CNX Gas Corporation
CONTACT: Dan Zajdel of CNX Gas Corporation, +1-412-200-6719 Web
site: http://www.cnxgas.com/
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