SHAREHOLDER ALERT: Brower Piven Launches An Investigation Into The Proposed Sale Of Apco Oil & Gas International Inc. And Enc...
October 06 2014 - 6:26PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Apco Oil and Gas International
Inc. (“Apco” or the “Company”) (NASDAQ: APAGF) relating to the
proposed buyout of the Company by Pluspetrol Resources Corporation
(“Pluspetrol”).
On October 3, 2014, Apco announced it had signed a definitive
agreement with Pluspetrol in a transaction valued at approximately
$427 million. Under the terms of the transaction, Pluspetrol will
acquire all outstanding shares of Apco Class A and ordinary shares
for $14.50 per share in cash.
The firm’s investigation seeks to determine, among other things,
whether Apco’s Board of Directors 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. In particular, the $14.50 per share acquisition price is far
less than where the stock had traded several months ago at $16.04.
The transaction may undervalue Apco and represents a loss or no
real gain for many Apco shareholders.
If you currently own common stock of Apco and would like to
learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional Corporation1925 Old Valley
RoadStevenson, Maryland 21153Charles J. Piven,
410-415-6616hoffman@browerpiven.com