SAN DIEGO, Nov. 17, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Western Refining, Inc. (NYSE: WNR) breached their fiduciary duties in connection with the proposed sale of the Company to Tesoro Corp. Western Refining operates as an independent crude oil refiner and marketer of refined products.
On November 17, 2016, Western Refining announced it had signed a definitive merger agreement with Tesoro. Western Refining shareholders will get 0.4350 Tesoro shares for each share they own or $37.30 in cash; elections to receive cash will be subject to a proration.
The investigation concerns whether the Western Refining board failed to satisfy their 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 Western Refining shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration. The52-week high for Western Refining stock is $46.65.
If you are a shareholder of Western Refining and believe the proposed buyout price is too low and 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.
About Johnson & Weaver, LLP: Johnson & Weaver, 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.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.