Ngas Resources, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Magnum Hunter - NGAS
05 Enero 2011 - 4:45PM
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 Ngas Resources, Inc. (“Ngas Resources” or
“NGAS”) (NASDAQ: NGAS) related to the proposed buyout of Ngas
Resources by Magnum Hunter Resources Corporation (“Magnum Hunter”)
(AMEX: MHR). The definitive acquisition agreement, which was
announced on December 27, 2010, involves a total transaction valued
at approximately $98 million under which Ngas Resources
shareholders will receive a fixed ratio of 0.0846 shares of Magnum
Hunter common stock for each share of Ngas Resources/NGAS common
stock they hold.
The investigation relates to the fairness of the proposed
transaction to Ngas Resources shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Ngas Resources for approving this transaction, and
whether Ngas Resources’ Board of Directors acted in the
shareholders’ best interests. This stock-for-stock transaction
represents a value of only $0.55 per share to Ngas Resources’
shareholders. Ngas Resources shares closed as high as $1.11 per
share as recently as August 2, 2010, and at least one analyst has
set a target price for Ngas Resources’ shares at $1.00 per share.
Based on these and other factors, the firms believe that the
acquisition price may not be fair for the shareholders.
If you currently own shares of Ngas Resources/NGAS 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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