It is reported that Massey Energy Co board recommended the struggling coal miner formally review its strategic alternatives without disclosing what possibilities are on the table nor giving a timetable for the review.

Earlier this month, Mr Don Blankenship Chief Executive of Massey said a merger or acquisition deal was a possibility the company was examining.

Massey said the company formal review of strategic alternatives to enhance shareholder value is part of the company annual examination of its strategy. It has retained financial services company Perella Weinberg Partners LP and law firm Cravath, Swaine & Moore LLP to advise a the review committee on financial and legal matters.

The company been struggling since an April 5 explosion at its Upper Big Branch mine killed 29 workers in the US worst mine disaster in four decades. In second and third quarters, the company swung to losses because of charges from the explosion in the former and reduced production and higher costs linked to tougher mine-safety standards in the latter.

(Sourced from online.wsj.com)