An investigation on behalf of investors of Memorial Resource Development Corp (NASDAQ:MRD) in connection with the proposed takeover was announced and NASDAQ:MRD stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/25/2016 -- An investigation on behalf of investors, who currently hold NASDAQ:MRD shares, was announced concerning whether the acquisition of Memorial Resource Development Corp. is unfair.
Investors who purchased shares of Memorial Resource Development Corp (NASDAQ:MRD) and currently hold any of those NASDAQ:MRD shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Memorial Resource Development Corp breached their fiduciary duties owed to NASDAQ:MRD investors in connection with the proposed acquisition.
Houston, TX based Memorial Resource Development Corp. is an independent natural gas and oil company focused on the acquisition, exploration and development of natural gas and oil properties with substantially all of its activities in the Terryville Complex of North Louisiana. On May 16, 2016, Range Resources Corporation and Memorial Resource Development Corp (NASDAQ:MRD) announced a merger agreement under which Range Resources Corporation will acquire all of the outstanding shares of common stock of Memorial Resource Development Corp (NASDAQ:MRD) in an all-stock transaction valued at $4.4 billion. Based on the Range Resources Corporation closing price on May 13, 2016, the transaction has an implied value to Memorial Resource Development Corp (NASDAQ:MRD) shareholders of $15.75 per share.
However, given that at least one analyst has set the high target price for NASDAQ:MRD shares at $23.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:MRD stockholders. More specifically, the investigation concerns whether the Memorial Resource Development Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Memorial Resource Development Corp (NASDAQ:MRD) closed on May 23, 2016, at $15.28 per share.
Those who are current investors in Memorial Resource Development Corp shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com