EPL OIL & GAS SHAREHOLDERS: Johnson & Weaver, LLP Announces Investigation of the Proposed Buyout of EPL Oil & Gas, Inc. by En...
12 Marzo 2014 - 1:52PM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP is
investigating whether members of the board of directors of EPL Oil
& Gas, Inc. (NYSE:EPL) breached their fiduciary duties in
connection with the proposed buyout of the Company by Energy
XXI.
On March 12, 2014, Energy XXI entered into a definitive merger
agreement to buy EPL Oil & Gas. Under the terms of the
agreement, EPL shareholders will receive a total value estimated at
$39 per share. The transaction is valued at approximately $2.3
billion.
The investigation concerns whether EPL’s board members failed to
satisfy their duties to the Company’s shareholders, including
whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for the Company’s shares of common stock.
Jim Baker, lead analyst for Johnson & Weaver, stated that,
“Energy XXI’s offer appears to be inadequate and not in the best
interest of EPL’s shareholders.” Baker cited, “At least one
analyst estimates EPL to be valued at $44.00 per share, which is
far more than the $39 anticipated deal value.”
If you are an EPL shareholder and would like additional
information concerning your legal rights, please contact lead
analyst Jim Baker (jimb@johnsonandweaver.com) at
619-230-0063 Ext.118. If you email, please include your phone
number.
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California and New York. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Johnson & Weaver, LLPJim Baker, 619-230-0063 Ext.
118jimb@johnsonandweaver.com
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