Brigham Investor Challenges $4.4B Statoil Deal

Law360, Wilmington (October 20, 2011, 7:03 PM EDT) -- A Brigham Exploration Co. shareholder lodged a putative class action Thursday in Delaware seeking to block Norwegian oil and gas giant Statoil ASA's $4.4 billion purchase of the company, saying the price doesn’t reflect Brigham's true value.

The Texas-based company’s directors breached their duty to shareholders by signing off on the deal at a paltry price — $36.50 per share — after an insufficient marketing effort, according to plaintiff Howard Weisberg.

“Despite record-breaking quarterly profits throughout 2011, the offer price represents a discount to [Brigham’s] 52-week...
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