What: Massey Energy (NYSE: MEE) shares surged as high as 12% late Friday after the company announced it revised board election counts.

So what: President Baxter Phillips and two other directors were much closer to losing reelection bids than initially thought. Activist investors are trying to oust the three board members.

Now what: It looks like there will be a very close election if the three board members and CEO Don Blankenship run for reelection to the board next spring. Activist investors need to have fewer than 50% of votes cast for the directors to force each to submit their resignations, not that Massey has to accept them. Today's bounce is just a speculative move, and we have a long way to go before a management change, so I'll wait for the emotion to die down before diving in.

Interested in more info on Massey Energy? Add it to your watchlist here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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