Venoco's Shareholders Sue To Block CEO Buyout Bid

Law360, New York (January 27, 2012, 3:36 PM EST) -- Venoco Inc.'s directors were hit with a putative shareholder class action in Colorado federal court on Thursday aimed at blocking the Denver-based energy company's CEO and majority shareholder from buying it out for $12.50 a share.

Venoco announced Jan. 16 that it had reached an agreement with chairman and CEO Timothy M. Marquez, who holds more than 50 percent of the company's stock, to acquire the company's remaining shares through a wholly owned entity, Denver Parent Corp.

While the company said the $12.50 per-share price would...
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