SAN DIEGO, Sept. 28, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of WPX Energy, Inc. ("WPX" or the "Company") (NYSE: WPX) breached their fiduciary duties in connection with the proposed sale of the Company to Devon Energy ("Devon") (NYSE: DVN).
On September 28, 2020, WPX announced that it had entered into a definitive merger agreement with Devon. Under the terms of the agreement, WPX shareholders will receive a fixed exchange ratio of 0.5165 shares of Devon common stock for each share of WPX common stock owned. The deal values WPX at only $4.56 per share.
WPX shareholders will be subject to the future price fluctuation of Devon's stock price.
The investigation concerns whether the WPX 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 WPX shares of common stock. Nationally recognized Johnson Fistel investigates whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $14.00 price target on the stock. The 52-week high for WPX was $14.43.
If you are a shareholder of WPX 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