Petrohawk Settles Class Actions Over $12B BHP Deal

Law360, Wilmington (August 22, 2011, 2:23 PM EDT) -- Petrohawk Energy Corp. has reached a settlement resolving a host of shareholder class actions challenging BHP Billiton Ltd.’s $12.1 billion buyout of the natural gas company, according to court documents filed Friday in Delaware state court.

In return for “significant supplemental disclosures” regarding the process and terms of the deal, shareholders that sued in Texas state court and the Delaware Court of Chancery have agreed to stand down in the lawsuits, which allege Petrohawk’s board breached its fiduciary duties to shareholders by agreeing to the sale...
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