A lawsuit was filed for investors in shares of RSP Permian, Inc. (NYSE: RSPP) in connection with the proposed takeover and NYSE: RSPP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/30/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of RSP Permian, Inc. (NYSE: RSPP), filed a lawsuit in effort to halt the proposed takeover of RSP Permian, Inc. by Concho Resources Inc.
Investors who purchased shares of RSP Permian, Inc. (NYSE: RSPP) and currently hold any of those NYSE: RSPP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: RSPP stockholders by agreeing to sell RSP Permian, Inc. cheaply via an unfair process.
Dallas TX based RSP Permian, Inc., an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. On March 28, 2018, Concho Resources Inc. (NYSE: CXO) and RSP Permian, Inc. (NYSE: RSPP) announced they have entered into an agreement under which Concho will acquire RSP Permian, Inc. (NYSE: RSPP) in an all-stock transaction valued at approximately $9.5 billion, inclusive of RSP's net debt. The consideration will consist of 0.320 shares of Concho common stock or a value of approximately $50.24 for each share of RSP Permian, Inc. (NYSE: RSPP) common stock.
However, plaintiff claims that the proposed consideration NYSE: RSPP shareholders will receive is grossly inadequate and undervalues RSP Permian, Inc. Indeed, at least one analyst has set the high price target for NYSE:RSPP shares at $69.00 per share. RSP Permian, Inc. reported that its annual Total Revenue rose from $353.85 million in 2016 to $803.7 million in 2017 and that its Net Loss of $24.85 million in 2016 turned into a Net Income of $232.13 million in 2017. In addition, the plaintiff alleges that the process is also unfair NYSE: RSPP stockholders. Indeed
Those who are current investors in RSP Permian, Inc. (NYSE: RSPP) 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