Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Energen Corporation (NYSE: EGN) to Diamondback Energy, Inc. (NASDAQ: FANG). Under the terms of the transaction, Energen shareholders will receive 0.6442 shares of Diamondback common stock for each share of Energen common stock they own. This represents a value of approximately $84.95 per share.
The Energen merger investigation concerns whether the Board of Energen breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Diamondback Energy is underpaying for Energen shares, thus unlawfully harming Energen shareholders.
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