NEW YORK, July 16, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Carrizo Oil & Gas, Inc. ("CRZO" or the "Company") (NASDAQ: CRZO) in connection with the proposed acquisition of the Company by Callon Petroleum Co. ("CPE") (NYSE: CPE). Under the terms of the agreement, CRZO shareholders will receive 2.05 shares of CPE for each CRZO share they own, representing consideration of $13.12 per CRZO share.
If you are a shareholder of CRZO who wishes to discuss the investigation or have any questions about this notice and your rights or interests, please contact:
Joshua Rubin, Esq.
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New York, NY 10036
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WeissLaw is investigating whether CRZO's Board acted to maximize shareholder value prior to entering into the agreement. Notably, prior to the acquisition announcement, analyst Michael S. Scialla of Stifel Financial Corp. set a target price of $41.00 per CRZO share. Additionally, the per-share offer price is approximately $16.50 less than CRZO's 52-week high of $29.58.
Moreover, the acquisition is a strategic transaction which will increase CPE's corporate footprint and its scale in the Delaware and Permian Basins, expand its portfolio to include CRZO's high quality assets, and accelerate the growth of free cash flow.
Finally, upon completion of the transaction, CRZO shareholders will own only 46% of the combined company on a fully diluted basis.
WeissLaw is also investigating whether CRZO's Board conducted a fair process in agreeing to the proposed merger, whether the proposed merger undervalues the Company, and whether all material information related to the proposed merger is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
SOURCE WeissLaw LLP