SAN DIEGO, Jan. 5, 2017 /PRNewswire/ -- Shareholder rights
law firm Johnson & Weaver, LLP has launched an investigation
into whether the board members of Alon USA Energy, Inc. (NYSE: ALJ) breached their
fiduciary duties in connection with the proposed sale of the
Company to Delek US Holdings, Inc. Alon refines and markets
petroleum products, primarily in the South Central, Southwestern
and Western regions of the United
States.
On January 3, 2017, Alon announced
it had signed a definitive merger agreement with Delek. Under terms
of the agreement, the owners of the remaining outstanding shares in
Alon that Delek does not currently own will receive a fixed
exchange ratio of 0.5040 Delek shares, for each share of Alon.
Based on Delek's closing price of $24.07 per share on Friday, December 30, 2016, the implied price for
Alon common stock is $12.13 per
share.
The investigation concerns whether the Alon board failed to
satisfy their duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Alon shares
of common stock. Nationally recognized Johnson & Weaver is
investigating whether the proposed deal price represents adequate
consideration.
If you are a shareholder of Alon and believe the proposed
buyout price is too low and you're interested in learning more
about the investigation or your legal rights and remedies, please
contact lead analyst Jim Baker
(jimb@johnsonandweaver.com) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP