SAN DIEGO, March 28, 2018 /PRNewswire/ -- Shareholder rights
law firm Johnson & Fistel, LLP has launched an investigation
into whether the board members of RSP Permian, Inc. (NYSE:
RSPP) ("RSP") breached their fiduciary duties in connection with
the proposed sale of the Company to Concho Resources Inc.
("Concho Resources").
Additional Information:
RSP Permian, Inc., is an independent oil and natural gas company,
engaging in the acquisition, exploration, exploitation,
development, and production of unconventional oil and associated
liquids-rich natural gas reserves in the Permian Basin of
West Texas.
On March 28, 2018, RSP
announced it had signed a definitive merger agreement with
Concho Resources Under the terms of the definitive merger
agreement, shareholders of RSP will receive 0.320 shares of Concho
common stock in exchange for each share of RSP common stock,
representing consideration to each RSP shareholder of $50.24 per share based on the closing price of
Concho Resources
common stock on March 27, 2018.
The investigation concerns whether RSP's board failed to satisfy
their duties to the Company's shareholders, including whether the
board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for the
Company's shares of common stock.
Nationally recognized Johnson
Fistel is investigating whether the proposed deal represents
adequate consideration, especially given that one Wall Street
analyst has a $69 price target on the
stock.
If you are a shareholder of RSP and believe the proposed
buyout price is too low or you're interested in learning more about
the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker
(jimb@johnsonfistel.com) at 619-814-4471. If emailing, please
include a phone number.
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
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP