Chesapeake Energy Should Consider Sale: Top Shareholder

Regardless, getting McClendon to sell the company lock, stock and barrel isn't likely. When asked by TheStreet if his view that the company's transactions were no different than peers meant he would consider an outright sale, he countered that he had no interest in that and the company was moving from a period of asset acquisition to asset development.

Chesapeake shares closed down 1.5% to $17.13 in Monday trading, within reach 52-week lows. The drop puts shares down nearly 24% and 45% in 2012 and the past 12 months, respectively. Since the start of 2011, the value of Southeastern Asset Management's Chesapeake Energy stake has fallen from well above $2 billion to more than $1.5 billion, according to Bloomberg data.

Last week, Southeastern, with an over-13% stake in Chesapeake, changed its status to an activist investor so that it can work with the struggling gas giant's management to boost shares. In a filing with the Securities and Exchange Commission, Memphis, TN-based Southeastern said that it would work with management and outside parties on "possible courses of action to assist in building corporate intrinsic value per share or to cause the company's true economic value to be recognized."

"We appreciated receiving the letter and look forward to further discussions with our largest shareholder in the days and weeks to come," said Chesapeake Energy spokesperson Michael D. Kehs said in a statement.

Hawkin's fund, which counts Dell (DELL) , Chesapeake Energy, Loews (L) , DirecTV (DTV) and Disney (DIS) as its five biggest holdings among 13 investments over $1 billion, according to Bloomberg data, has been involved in recent hotly contested corporate moves like Martin Marietta's (MLM) now-stalled $5 billion offer for Vulcan Materials (VMC) . On Friday, a judge ruled that the bid should be delayed, raising questions of whether a hostile slate of Martin Marietta directors will come up for vote in Vulcan Materials June shareholder meeting.

Activists and unsolicited takeover offers have played a big role in the recent turnaround of struggling large-cap companies. For more on recent examples of activism and share recoveries, see why a kinder, gentler activist emerged in recent the Nook and AOL deals with Microsoft . For more on Southeastern's involvement with Vulcan Materials, see why investors are betting on earnings as hostile takeover bids recede.

See 5 ways Chesapeake Energy can be saved from itself for more on how it can initiate a share turnaround.