STEVENSON, Md. -- (Business Wire)
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches of
fiduciary duty to current shareholders of Berry Petroleum Company
(“Berry Petroleum” or the “Company”) (NYSE: “BRY”) and other violations
of state law by the board of directors of Berry Petroleum relating to
the proposed acquisition of the Company by Linn Energy, LLC (“Linn”) and
LinnCo, LLC (“LinnCo”). The firm’s investigation seeks to determine,
among other things, whether Berry Petroleum’s board of directors
breached their fiduciary duties by failing to maximize shareholder value.
According to the press release announcing the proposed acquisition, Linn
and LinnCo will acquire all of Berry Petroleum’s outstanding shares for
total consideration of $4.3 billion, including the assumption of debt.
The proposed acquisition is structured as a stock-for-stock merger of
LinnCo with Berry Petroleum, followed by the acquisition of Berry
Petroleum’s assets by Linn. The Company’s shareholders will receive 1.25
common shares of LinnCo for every Berry Petroleum common share they own.
According to the companies’ joint press release, the consideration to be
received by the Company’s shareholders is valued at $46.2375 per Berry
Petroleum share based on LinnCo’s closing price as of February 20, 2013.
According to Yahoo! Finance, the high analyst price target is $50.00 per
Berry Petroleum share.
If you currently own common stock of Berry Petroleum and would like to
learn more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or cost to
you, attempt to answer your questions. You may contact Brower Piven by
email at firstname.lastname@example.org,
by calling (410) 415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys
at Brower Piven have combined experience litigating securities and other
class action cases of over 60 years.
Brower Piven, A Professional Corporation
J. Piven, 410-415-6616
Source: Brower Piven, A Professional Corporation
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