NEW YORK, March 13, 2014 /PRNewswire/ -- Pomerantz LLP is
investigating claims on behalf of investors of EPL Oil & Gas
("EPL" or the "Company") (NYSE: EPL) (ISIN: US26883D1081)
(CUSIP: 26883D108) concerning the proposed acquisition of EPL
by Energy XXI (Bermuda)
Limited.
EPL shareholders seeking more information about this acquisition
are advised to contact Robert
Willoughby at rswilloughby@pomlaw.com or 212-661-1100 or
888-476-6529, ext. 237.
The investigation concerns whether the EPL directors are
breaching their fiduciary duties by failing to adequately shop the
Company and maximize shareholder value. Under the terms of
the agreement, based on Energy XXI's closing price on March 11, 2014. EPL stockholders will be
able to elect, for each EPL share held, either: (i) $39.00 in cash; (ii) 1.669 common shares of
Energy XXI; or (iii) $25.35 in cash
plus 0.584 common shares of Energy XXI. All elections by
shareholders will be subject to proration. However, the Price to
EBITDA, EBIT, Revenue, and Total Assets multiples are below the
averages of comparable transactions. Additionally, at
least one analyst has set a target price of $43.00 per share.
EPL shareholders seeking more information about this acquisition
are advised to contact Robert
Willoughby at rswilloughby@pomlaw.com or 212-661-1100 or
888-476-6529, ext. 237.
Pomerantz LLP, with offices in New
York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz LLP pioneered the field of securities class actions.
Today, more than 75 years later, the Pomerantz LLP continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate
misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of defrauded investors. See
www.pomerantzlaw.com.
CONTACT:
Robert
Willoughby
Pomerantz LLP
212-661-1100 ext. 237
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP