SAN DIEGO, Nov. 15, 2017 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Bonanza Creek Energy, Inc. ("Bonanza Creek") (NYSE: BCEI) breached their fiduciary duties in connection with the proposed sale of the Company to SandRidge Energy ("SandRidge") (NYSE: SD). Bonanza Creek is an independent oil and natural gas company that engages in the exploration, development, and production of onshore oil and related liquids-rich natural gas in the United States.
On November 15, 2017, Bonanza Creek announced that it had signed a definitive merger agreement with SandRidge. Under the terms of the deal, SandRidge will acquire all of the outstanding shares of common stock of Bonanza Creek in a cash-and-stock transaction valued at $36.00 per share. The consideration consists of $19.20 in cash and $16.80 of SandRidge shares for each Bonanza Creek share, subject to a collar mechanism.
The investigation concerns whether the Bonanza Creek 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 Bonanza Creek shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given the Company's recently reported drilling efficiencies and the outlook for future earnings growth.
If you are a shareholder of Bonanza Creek 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 (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson Fistel, LLP