SAN DIEGO, July 20, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Noble Energy, Inc. ("Noble" or the "Company") (NASDAQ: NBL) breached their fiduciary duties in connection with the proposed sale of the Company to Chevron Corporation (NYSE: CVX).
On July 20, 2020, Noble announced that it had entered into a definitive merger agreement with Chevron. Under terms of the deal, Chevron will exchange 0.1191 Chevron shares for each Noble share outstanding. Based on Chevron 's closing price on July 17, 2020, this would value Noble shares at $10.38. However, shareholders will be subject to the future price fluctuation of Chevron's stock price.
The investigation concerns whether the Noble 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 Noble shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given Noble's proved reserves, and that one Wall Street analyst has a $25.00 price target on the stock.
If you are a shareholder of Noble and believe the proposed buyout price is too low or you're interested in learning more about the investigation, 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.
SOURCE Johnson Fistel, LLP