MILWAUKEE, Feb. 21, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Berry Petroleum Company ("Berry") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Berry to LINN Energy, LLC ("LINN").
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Berry's long-term financial outlook is improving and yet Berry shareholders will receive only 1.25 LINN common shares for each share of Berry common stock. LINN is well aware of Berry's improving financial metrics and is purchasing Berry at a substantial discount. The merger agreement unreasonably limits prospective bids for Berry by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Berry receive and accept a superior bid. Berry insiders, their affiliates and other majority shareholders own significant voting stock of Berry, and will receive tens of millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Berry not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Berry's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Berry given its current financial condition and prospects.
If you own common stock in Berry and wish to obtain additional information, please contact Guri Ademi either at email@example.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/berry-petroleum-company.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP