INVESTOR ALERT: The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of EPL Oil & Gas, Inc. Buyout Proposal
SMITHTOWN, NY, March 12, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of EPL Oil & Gas, Inc. (“EPL”) (NYSE: EPL) for possible breaches of fiduciary duties and other violations of law in connection with EPL’s agreement to be acquired by Energy XXI (Bermuda) Limited (“EXXI”), (NASDAQ GS: EXXI), in a transaction valued at approximately $2.3 billion.
The transaction represents an implied price of $39.00 for each EPL share. Under the terms of the agreement, public shareholders of EPL can elect to receive: either (i) $39.00 in cash, (ii) 1.669 common shares of EXXI, or (iii) $25.35 in cash plus 0.584 common shares of EXXI for each share of EPL they own.
The investigation concerns whether EPL’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to EPL’s stockholders would be fair and adequate, and whether EPL is acting in its stockholders’ best interests.