NEW YORK, July 14, 2014 /PRNewswire/ -- Morgan & Morgan announces that it is investigating potential legal claims against the board of directors of Kodiak Oil & Gas Corp. ("Kodiak") (NYSE: KOG) regarding possible breaches of fiduciary duties and other violations of law related to the proposed sale to Whiting Petroleum Corporation.
If you purchased Kodiak shares and want more information about the Kodiak takeover lawsuit, please contact George Pressly, Esq. at 1(800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
Under the terms of the proposal, public shareholders of Kodiak will receive 0.177 shares 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 is valued at approximately $6.0 billion including Kodiak's net debt of $2.2 billion as of March 31, 2014.
Morgan & Morgan's investigation concerns whether Kodiak's Board of Directors breached its fiduciary duties to act in the best interests of Kodiak shareholders and to take all necessary steps to ensure that Kodiak shareholders receive the maximum value readily available for their shares of Kodiak common stock.
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SOURCE Morgan & Morgan