Frontier Oil Corporation Shareholder Investigation by Briscoe Law Firm Concerning Acquisition By Holly Corporation
22 Février 2011 - 7:11PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Frontier Oil Corporation (“Frontier Oil”
or “FTO”) (NYSE: FTO) related to the proposed merger of Frontier
Oil with Holly Corporation (NYSE: HOC). The definitive acquisition
agreement, which was announced on February 22, 2011, involves a
total transaction valued at approximately $2.85 billion in which
Frontier Oil shareholders will receive a fixed ratio of 0.4811
shares of Holly common stock for each share of Frontier Oil/FTO
common stock they hold.
The investigation relates to the fairness of the proposed
transaction to Frontier Oil shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Frontier Oil for approving this transaction, and
whether Frontier Oil’s Board of Directors acted in the
shareholders’ best interests. Excluding a special dividend as part
of the acquisition, the acquisition value to Frontier Oil
shareholders is approximately $26.99 per share. However, this
stock-for-stock transaction represents a substantial discount to
Frontier Oil’s closing price the day before the merger
announcement, and Frontier Oil shares closed as high as $28.94 per
share just days before the merger announcement. Further, at least
one analyst has reportedly set a target price for Frontier Oil
stock at $33.00 per share. Based on these and other factors, the
firms believe that the acquisition price may not be fair for
Frontier Oil shareholders.
If you currently own shares of Frontier Oil/FTO and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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