2nd Circ. Nixes Double Eagle, PetroSearch Merger Challenge

Law360, Wilmington (June 13, 2012, 7:09 PM EDT) -- The Second Circuit on Wednesday upheld the dismissal of a shareholder suit challenging Double Eagle Petroleum Co.’s 2009 merger with oil and gas exploration company PetroSearch Energy Corp., agreeing that investor Tiberius Capital LLC had acquiesced to the merger.

Tiberius, a PetroSearch shareholder, claimed the merger was fraudulent and that it was due dissenters’ rights, but U.S. District Judge George B. Daniels ruled in March 2011 that Tiberius freely and voluntarily accepted the merger of the Nevada-based companies by surrendering its PetroSearch stock for Double Eagle...
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