June 26 (Reuters) - Penn Virginia Corp shareholder,Lone Star Value Management LLC, asked the oil and gas producerto consider strategic alternatives to explore "all credibleproposals."
Lone Star's statement on Friday comes a day after ProactiveInvestors reported that BP Plc had offered to buy theU.S. oil and gas producer for $8 per share.
"If it is true that Penn Virginia could be sold for an 80percent premium or more to a credible buyer, the board has afiduciary duty to fully explore such an offer," said Lone Star,which has a 2.8 percent stake in Penn Virginia. (Reporting by Amrutha Gayathri in Bengaluru)
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