Pickens Acquires Stake in Vintage

T. Boone Pickens acquired an 8.4% stake in Vintage Petroleum Inc., reviving his role as a well-known corporate raider in the oil and gas industry.

Pickens, the 73-year-old founder and former chairman of Mesa Inc., said in a regulatory filing that Vintage is undervalued and that he may seek to take over the Tulsa, Okla.-based energy company. He also said Vintage “may or should be” for sale or a candidate for a leveraged buyout.

Investors have provided about $125 million in capital to a pair of Dallas-based BP Capital Energy Equity partnerships that Pickens is using to make money through his expertise in oil and takeovers.

At Vintage, the BP partnerships spent more than $75 million to acquire 5.3 million common shares, according to a filing with the Securities and Exchange Commission, for an average price of $14.19 a share.

Vintage shares fell 10 cents to $14 on the NYSE.