Massey Energy Announces Review of Strategic Alternatives (MEE)

Massey Energy MEE has announced that their Board has put together a Strategic Alternatives Review Committee. Citi writes, "After indicating today's announcement a month ago during their October earnings call and after numerous headlines since about interested parties, this release seems anti-climatic. On our 2011 estimates, MEE currently trades at the richest valuation amongst the US coal producers at 18.4x P/E vs the peer group average of 14.5x." MEE closed Monday at $50.52.