GeoResources Alert: The Briscoe Law Firm & Powers Taylor, LLP Investigate the Sale of GeoResources, Inc. to Halcon Resources ...
25 Abril 2012 - 10:42AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of GeoResources, Inc.
(“GeoResources” or “GEOI”) (NASDAQ: GEOI) to Halcon Resources
Corporation for shareholders. Under the proposed merger,
GeoResources shareholders will receive only $20.00 in cash and
1.932 shares of Halcon stock for each share of GeoResources stock
owned, which amounts to a total of approximately $37.97 per share,
which is well below the target price recently announced by
analysts.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves a cash and stock
transaction with a total equity value of approximately $1.0
billion. The deal is expected to close in the third quarter of
2012.
The investigation centers on whether GeoResources shareholders
are receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues GeoResources stock, and whether
GeoResources’ board attempted to obtain the highest share price for
all shareholders prior to agreeing to the deal. According to
shareholder rights attorney Willie Briscoe, “Although the
acquisition price represents a small premium over the closing price
of GeoResources’ shares the day prior to the buyout announcement,
at least one analyst has stated that the true inherent value of
GeoResources shares may be as high as $43.00 per share. Based on
these and other factors, we are investigating whether the
transaction undervalues GeoResources stock. Our lawsuit will seek
to obtain the highest share price for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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