NEW YORK, Nov. 17, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Bonanza Creek Energy
Inc. ("BCEI" or the "Company") (NYSE: BCEI) in connection with the
proposed acquisition of the Company by SandRidge Energy, Inc.
("SD") (NYSE: SD). On November 15,
2017, the Company announced a definitive agreement for SD to
acquire all outstanding shares of BCEI in a cash-and-stock
transaction. Under the terms of the agreement, the Company's
shareholders will receive $19.20 in
cash and $16.80 of SD shares for each
BCEI share they own, representing consideration of $36.00.
WeissLaw is investigating whether BCEI's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, BCEI shares traded for $40.60, or $4.60
above the per-share consideration, as recently as May of this
year. Additionally, according to James Bennett, SD's CEO, "[t]his transaction
greatly enhances [SD's] existing portfolio by adding a deep
inventory of drill-ready locations [] and is highly complementary
to [SD's] existing assets." Further, SD expects to gain
significant benefits from the expertise of BCEI's teams, economies
of scale, and operational synergies. Finally, the transaction
is expected to be accretive to cash flow per share and enhance SD's
ability to increase cash flow.
Given these facts, WeissLaw is investigating whether BCEI's
Board acted in the best interests of BCEI's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own BCEI shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/bonanza-creek-energy-inc/
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SOURCE WeissLaw LLP