Shares of Penn Virginia Corp. soared Tuesday after billionaire George Soros' investment fund announced it had taken a large stake in the "undervalued" Radnor oil and gas exploration company.
In a statement to the U.S. Securities and Exchange Commission, Soros Fund Management L.L.C. said it had spent $29.1 million to buy a six-million-share, 9.1 percent stake and wants the company to consider a sale to boost its value.
Penn Virginia shares rose 15.6 percent Tuesday in heavy trading on the New York Stock Exchange, closing up $2.12 at $15.73.
Soros is chairman of the management fund, also known as SFM L.L.C., and his son Robert is president and deputy chairman.