NEW YORK, May 6, 2014 /PRNewswire/ -- Bernstein Liebhard LLP is investigating whether the Board of Directors of Forest Oil Corporation ("Forest Oil" or the "Company") (NYSE: FST) breached its fiduciary duty to its shareholders in agreeing to sell Forest Oil to Sabine Oil & Gas LLC ("Sabine").
Under the terms of the agreement, Sabine and Forest Oil will combine their businesses under a newly formed holding company, Sabine Oil & Gas Corporation ("Sabine Oil & Gas"). Forest Oil will merge with a subsidiary of Sabine Oil & Gas and survive as a subsidiary of Sabine Oil & Gas. As part of the transaction, each share of Forest Oil common stock will be converted into 0.1 of a share of Sabine Oil & Gas common stock. Concurrent with the merger, Sabine's parent entity will contribute all of its equity interest in Sabine to Sabine Oil & Gas, in exchange for which it will receive approximately 33 million shares of Sabine Oil & Gas common stock. The investigation is focused on the potential unfairness of the price to Forest Oil shareholders and the process by which the Forest Oil Board of Directors considered and approved the transaction.
If you are interested in discussing your rights as a Forest Oil stockholder, with no obligation or cost to you, please contact U. Seth Ottensoser at:
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SOURCE Bernstein Liebhard LLP