SAN DIEGO, Aug. 14, 2018 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of Energen Corporation (NYSE: EGN)
("Energen") breached their fiduciary duties in connection with the
proposed sale of the Company to Diamondback Energy, Inc. (NASDAQ:
FANG) ("Diamondback"). Energen engages in the exploration,
development, and production of oil, natural gas liquids, and
natural gas.
On August 14, 2018, Energen
announced that it had signed a definitive merger agreement with
Diamondback. Under the terms of the agreement, Diamondback will
acquire Energen in an all-stock transaction, valued at
approximately $9.2 billion. The
consideration will consist of 0.6442 shares of Diamondback common
stock for each share of Energen common stock, representing an
implied value to each Energen shareholder of $84.95 per share based on the closing price of
Diamondback common stock on August 13,
2018. However, shareholders will be subject to the future
price fluctuation of Diamondback's stock price.
The investigation concerns whether the Energen board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Energen
shares of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
one Wall Street analyst has a $110.00
price target on the stock.
If you are a shareholder of Energen and believe the proposed
buyout price is too low or you're interested in learning more about
the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker
(jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
Additionally, you can [click here to join this
action].There is no cost or obligation to
you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. 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.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP