Consol Strikes $43M Deal With CNX Investors Over Buyout

Law360, Chicago (May 9, 2013, 3:02 PM EDT) -- Former minority shareholders of CNX Gas Corp. will receive $42.7 million to settle a class action that challenged Consol Energy Inc.'s $960 million deal to take CNX private in 2010, according to documents filed Wednesday in Delaware Chancery Court.

Canonsburg, Pa.-based Consol held an 83 percent stake in CNX before deciding to acquire the remainder of the natural gas producer at $38.25 per share in March 2010.  But the deal prompted lawsuits from public CNX shareholders who complained that Consol had abused its position as majority...
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