SAN DIEGO, April 12, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Anadarko Petroleum Corporation (NYSE: APC) ("Anadarko") breached their fiduciary duties in connection with the proposed sale of the Company to Chevron Corporation (NYSE: CVX)
On April 12, 2019, Anadarko announced that it had signed a definitive merger agreement with Chevron. Under the terms of the merger agreement, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. Based on Chevron's closing price on April 11, 2019 the deal is valued at $65 per share. However, shareholders will be subject to the future price fluctuation of Chevron 's stock price.
The investigation concerns whether the Anadarko board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Anadarko shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings growth, also one Wall Street analyst has a $80.00 price target on the stock.
If you are a shareholder of Anadarko and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP