Key Developments: Berry Petroleum Co (BRY)
43.34USD
19 Jun 2013
$0.99 (+2.34%)
$42.35
$42.68
$44.02
$42.60
1,071,829
617,014
$48.99
$30.21
Latest Key Developments (Source: Significant Developments)
Faruqi & Faruqi, LLP is Seeking More Cash the Shareholders of Berry Petroleum Co
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of Berry Petroleum Co for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to an affiliate of Linn Energy LLC in a deal valued at $4.3 billion. Under the terms of the proposed transaction, Berry`s stockholders will receive $46.24 for each share of Berry common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $48 for Berry. The investigation focuses on whether Berry`s Board of Directors breached their fiduciary duties to the Company`s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Berry`s shareholders. Full Article
Linn Energy LLC And LinnCo, LLC Announce Early Termination Of Hart-Scott-Rodino Waiting Period for Definitive Merger Agreement With Berry Petroleum Company
Linn Energy LLC and LinnCo, LLC announced that they have received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with their proposed merger with Berry Petroleum Company, which was announced on February 21, 2013. The termination of this waiting period, which is effective as of March 13, 2013, satisfies one of the conditions to closing for LINN Energy and LinnCo's proposed acquisition of Berry Petroleum Company. The transaction is subject to other closing conditions, including the approval of the shareholders of Berry and LinnCo and the unitholders of LINN Energy. Subject to satisfaction of these other closing conditions, the transaction is expected to close by June 30, 2013. As previously announced on February 21, 2013, LINN Energy, LLC, LinnCo, LLC, and Berry Petroleum Company have signed a definitive merger agreement pursuant to which LINN and LinnCo will acquire all of Berry's outstanding shares for total consideration of approximately $4.3 billion, including the assumption of debt. The transaction, which is structured as a stock-for-stock merger of Berry with LinnCo followed by the acquisition of the Berry assets by LINN, is expected to be tax-free to Berry shareholders. This transaction represents the first ever acquisition of a public C-Corp by an upstream LLC or MLP. Full Article
Lifshitz Law Firm Announces Investigation of Berry Petroleum Co
Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Berry Petroleum Co (Berry) to LINN Energy, LLC (LINN Energy) and LinnCo, LLC (LinnCo) in a stock for stock transaction. Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry outstanding prior to the merger. The consideration to be received by Berry shareholders is valued at $46.2375 per Berry share based on LinnCo's closing price as of February 20, 2013. Full Article
Law Firm Brower Piven Announces Investigation Of Berry Petroleum Co Proposed Acquisition
The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Berry Petroleum Co (Berry Petroleum or the Company) and other violations of state law by the board of directors of Berry Petroleum relating to the proposed acquisition of the Company by Linn Energy, LLC (Linn) and LinnCo, LLC . The firm`s investigation seeks to determine, among other things, whether Berry Petroleum`s board of directors breached their fiduciary duties by failing to maximize shareholder value. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Berry Petroleum Co
Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Berry Petroleum Co relating to the proposed acquisition by an affiliate of Linn Energy LLC (Linn Energy). Under the terms of the transaction, Berry Petroleum shareholders will receive only $46.24 in cash for each share of Berry Petroleum stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Berry Petroleum for not acting in the Company`s shareholders' best interests in connection with the sale process to Linn Energy. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Berry Petroleum stock traded at $55.74 as recently as February 28, 2012 and $60.24 on July 25, 2011. In addition, an analyst has set a $50.00 per share price target for Berry Petroleum stock. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Berry Petroleum Co Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Berry Petroleum Co regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by LINN Energy, LLC and LinnCo, LLC (NASDAQ GS: LNCO) (collectively, the Linn Group) in a transaction valued at approximately $4.3 billion, including the assumption of debt. The investigation concerns whether Berry's board of directors failed to adequately shop the Company and obtain the best possible value for Berry's shareholders before entering into an agreement with the Linn Group. According to Yahoo! Finance, at least one analyst has set a price target for Berry stock at $50.00. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Petroleum Berry Petroleum Co
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Berry Petroleum Co relating to the proposed acquisition by an affiliate of Linn Energy LLC (Linn Energy). Under the terms of the transaction, Berry Petroleum shareholders will receive only $46.24 in cash for each share of Berry Petroleum stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Berry Petroleum for not acting in the Company’s shareholders' best interests in connection with the sale process to Linn Energy. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Berry Petroleum stock traded at $55.74 as recently as February 28, 2012 and $60.24 on July 25, 2011. In addition, an analyst has set a $50.00 per share price target for Berry Petroleum stock. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Berry Petroleum Co
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Berry Petroleum Co relating to the proposed acquisition by an affiliate of Linn Energy LLC (Linn Energy). Under the terms of the transaction, Berry Petroleum shareholders will receive only $46.24 in cash for each share of Berry Petroleum stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Berry Petroleum for not acting in the Company's shareholders' best interests in connection with the sale process to Linn Energy. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Berry Petroleum stock traded at $55.74 as recently as February 28, 2012 and $60.24 on July 25, 2011. In addition, an analyst has set a $50.00 per share price target for Berry Petroleum stock. Full Article
Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Berry Petroleum Co
Levi & Korsinsky announced that it is investigating the Board of Directors of Berry Petroleum Co for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to an affiliate of Linn Energy LLC (Linn).The investigation concerns whether the Berry Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction. At least one analyst set a price target for Berry stock at $50.00 per share. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Board Of Directors Of Berry Petroleum Co
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of Berry Petroleum Co for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to an affiliate of Linn Energy LLC in a deal valued at $4.3 billion. Under the terms of the proposed transaction, Berry’s stockholders will receive $46.24 for each share of Berry common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $50 for Berry. The investigation focuses on whether Berry’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Berry’s shareholders. Full Article
Sister of former Ohio captive Amanda Berry asks for family privacy
CLEVELAND - The sister of Amanda Berry, one of three Cleveland women held captive for around a decade, on Wednesday thanked the public for its support and asked for privacy for the family.
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