Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Newfield Exploration Company (NYSE: NFX) to Encana Corporation (NYSE: ECA). Under the terms of the transaction, Newfield shareholders will receive 2.6719 Encana shares for each share of Newfield stock they own. The transaction is valued at approximately $5.5 billion, with Encana assuming $2.2 billion of Newfield net debt.
The Newfield merger investigation concerns whether the Board of Newfield breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Encana Corporation is underpaying for Newfield shares, thus unlawfully harming Newfield shareholders.
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