An investigation on behalf of investors of Newfield Exploration Company (NYSE: NFX) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 11/08/2018 -- An investigation was announced concerning whether the takeover of Newfield Exploration Company is unfair to NYSE: NFX stockholders.
Investors who purchased shares of Newfield Exploration Company (NYSE: NFX) and currently hold any of those NYSE: NFX shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Newfield Exploration Company breached their fiduciary duties owed to NYSE: NFX investors in connection with the proposed acquisition.
The Woodlands, TX based Newfield Exploration Company, an independent energy company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids in the United States. On Nov. 01, 2018, Encana Corporation (Encana) (TSX, NYSE: ECA) and Newfield Exploration Company (Newfield) (NYSE: NFX) announced that they have entered into an agreement whereby Encana will acquire all of the outstanding shares of common stock of Newfield in an all-stock transaction valued at approximately $5.5 billion. Under the terms of the merger agreement, Newfield shareholders will receive 2.6719 Encana common shares for each share of Newfield common stock, or a value of approximately $27.36 per share.
However, given that at least one analyst has set the high target price at $60.00 per share, the investigation concerns whether the offer is unfair to NYSE: NFX stockholders. More specifically, the investigation concerns whether the Newfield Exploration Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Newfield Exploration Company (NYSE: NFX) closed on November 7, 2018 at $21.89 per share.
Those who are current investors in Newfield Exploration Company (NYSE: NFX) shares have certain options and should contact the Shareholders Foundation.
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