SAN DIEGO, April 30, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Andeavor (NYSE: ANDV) breached their fiduciary duties in connection with the proposed sale of the Company to Marathon Petroleum Corp. ("Marathon"). Andeavor operates as an independent petroleum refining, logistics, and marketing company in the United States.
On April 30, 2018, Andeavor announced that it had signed a definitive merger agreement with Marathon. Under the terms of the agreement, shareholders will have the option to choose 1.87 shares of Marathon stock or $152.27 in cash subject to a proration mechanism that will result in 15 percent of Andeavor's fully diluted shares receiving cash consideration.
The investigation concerns whether the Andeavor 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 Andeavor shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given the Company's projected earnings growth and one Wall Street analyst has a $160.00 price target on the stock.
If you are a shareholder of Andeavor 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.
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 http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP