NEW YORK, Aug. 17, 2018 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Energen Corporation
("EGN" or the "Company") (NYSE: EGN) in connection with the
proposed acquisition of the Company by Diamondback Energy Inc
("FANG") (NASDAQ: FANG). Under the terms of the acquisition
agreement, EGN shareholders will be entitled to receive 0.6442 of a
FANG share for each EGN share they own, representing consideration
of $74.26 based on FANG's
August 15 trading price.
WeissLaw is investigating whether EGN's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the per-share consideration is approximately $39.00 less the analyst target price of
$113.00, and offers shareholders a
meager 2% premium over the Company's August
13 trading price of $72.79.
Additionally, the Company recently reported positive financial
results in the second quarter of 2018. In a press release
entitled "[EGN] Production in 2Q18 Exceeds Guidance Midpoint by
7%," EGN announced production of 97.4 mboepd and sequential
production growth of 5%. According to James McManus, the Company's Chairman and CEO,
"[EGN] is well-positioned to continue delivering strong results and
creating shareholder value." Mr. McManus further announced a new
guidance range and anticipated production milestone of more than
100,000 boe per day.
Finally, upon completion of the transaction EGN shareholders
will only have a 38% stake in ownership of the combined
company.
Given these facts, WeissLaw is investigating whether EGN's Board
acted in the best interests of EGN's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own EGN 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/energen-corporation/
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SOURCE WeissLaw LLP
