Morgan & Morgan Announces the Investigation of the Proposed Buyout of EPL Oil & Gas, Inc. by Energy XXI - EPL
NEW YORK, March 14, 2014 /PRNewswire/ -- Morgan & Morgan announces that it is investigating the Board of Directors of EPL Oil & Gas, Inc. ("EPL" or the "Company") (NYSE: EPL) concerning the sale of the Company to Energy XXI.
On March 12, 2014, Energy XXI entered into a definitive merger agreement to buy EPL. Under the terms of the agreement, EPL shareholders will receive a total value estimated at $39 per share. The transaction is valued at approximately $2.3 billion.
Our investigation concerns possible breaches of fiduciary duty and other violations of law by EPL's Board of Directors for not acting in the best interest of the Company's shareholders in connection with the sale process.
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Peter Safirstein, Esq.
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SOURCE Morgan & Morgan