SAN DIEGO--(BUSINESS WIRE)-- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Kodiak Oil & Gas Corp. (NYSE: KOG) breached their fiduciary duties in connection with the proposed sale of the Company to Whiting Petroleum Corporation.
Kodiak is an independent energy company engaged in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas.
On July 13, 2014, Kodiak and Whiting Petroleum entered into an agreement whereby Whiting Petroleum will acquire Kodiak. Under the definitive agreement, Kodiak shareholders will receive .177 of a share of Whiting stock in exchange for each share of Kodiak common stock they hold, representing consideration to each Kodiak shareholder of $13.90 per share based on the closing price of Whiting common stock on July 11, 2014. The transaction has an implied value of approximately $6.0 billion when including Kodiak’s net debt of $2.2 billion as of March 31, 2014.
Johnson & Weaver is investigating whether the Company’s directors thoroughly considered alternatives to the proposed acquisition, such as continuing on as an independent company or pursuing a deal with another company. Our investigation will determine whether Whiting Petroleum is underpaying for Kodiak shares. Recently the stock traded as high as $14.89 and at least one analyst has issued a price target for Kodiak stock at $19.00 per share.
If you are a shareholder of Kodiak and believe the proposed buyout price is too low and you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, 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.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
Source: Johnson & Weaver, LLP