WILMINGTON, Del., March 4, 2013 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you own shares of Berry Petroleum Company (NYSE: BRY)?
- Did you purchase any of your shares prior to February 21, 2013?
- Do you think the proposed buyout value is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Berry Petroleum Company ("Berry" or the "Company") (NYSE: BRY) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by LINN Energy, LLC (NASDAQ GS: LINE) and LinnCo, LLC (NASDAQ GS: LNCO) (collectively, the "Linn Group") in a transaction valued at approximately $4.3 billion, including the assumption of debt.
Click here to learn more: http://www.rigrodskylong.com/investigations/berry-petroleum-company-bry.
Under the terms of the proposal, public shareholders of Berry will receive 1.25 LinnCo, LLC common shares for each share of Berry they own. Based on LinnCo, LLC's closing stock price of $36.99 on February 20, 2013, Berry shareholders would have received consideration valued at approximately $46.2375 per share.
The investigation concerns whether Berry's board of directors failed to adequately shop the Company and obtain the best possible value for Berry's shareholders before entering into an agreement with the Linn Group. According to Yahoo! Finance, at least one analyst has set a price target for Berry stock at $50.00.
If you own the common stock of Berry and purchased your shares before February 21, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/berry-petroleum-company-bry.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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SOURCE Rigrodsky & Long, P.A.