An investigation on behalf of investors of Parsley Energy, Inc. (NYSE:PE) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 11/05/2020 -- An investigation was announced concerning whether the takeover of Parsley Energy, Inc. is unfair to NYSE: PE stockholders.
Investors who purchased shares of Parsley Energy, Inc. (NYSE: PE) and currently hold any of those NYSE: PE shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Parsley Energy, Inc. breached their fiduciary duties owed to NYSE: PE investors in connection with the proposed acquisition.
Austin, TX based Parsley Energy, Inc., an independent oil and natural gas company, engages in the acquisition, development, exploration, production, and sale of crude oil and natural gas properties in the Permian Basin in west Texas and Southeastern New Mexico.
On October 20, 2020 - Pioneer Natural Resources Company (NYSE:PXD) and Parsley Energy, Inc. (NYSE:PE) announced that they have entered into an agreement under which Pioneer Natural Resources Company will acquire all of the outstanding shares of Parsley Energy, Inc. (NYSE: PE) in an all-stock transaction valued at approximately $4.5 billion as of October 19, 2020. Under the terms of the agreement, Parsley Energy, Inc. (NYSE: PE) shareholders will receive a fixed exchange ratio of 0.1252 shares of Pioneer Natural Resources Company common stock for each share of Parsley Energy, Inc. (NYSE: PE) common stock owned. Based on a closing price of $87.05 per NYSE: PXD on Oct 19, 2020, investors in Parsley Energy, Inc. (NYSE: PE) will receive a value of approximately $10.89 per NYSE: PE share.
However, given that at least one analyst has set the high target price for NYSE: PE shares at $22.00 per share, the investigation concerns whether the offer is unfair to NYSE: PE stockholders. More specifically, given that Parsley Energy, Inc's largest investor, Quantum Energy Partners, which owns approximately 17% of Parsley Energy, Inc's outstanding shares, has executed a Voting and Support Agreement in connection with the transaction, the investigation concerns whether the Parsley Energy 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.
Parsley Energy, Inc. reported that its annual Total Revenue rose from over $1.82 billion in 2018 to over $1.95 billion in 2019.
Those who are current investors in Parsley Energy, Inc. (NYSE: PE) shares have certain options and should contact the Shareholders Foundation.
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