Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of WildHorse Resource Development Corporation (NYSE: WRD) to Chesapeake Energy Corporation (NYSE: CHK). Under the terms of the transaction, WildHorse shareholders may elect to receive, per share, either (a) 5.989 shares of Chesapeake common stock or (b) a combination of 5.336 shares of Chesapeake common stock and $3 in cash. Investment funds managed by NGP Energy Capital Management, LLC have entered into an agreement in support of the transaction.
The WildHorse merger investigation concerns whether the Board of WildHorse breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Chesapeake Energy Corporation is underpaying for WildHorse shares, thus unlawfully harming WildHorse shareholders.
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