Equal Energy On Defensive As Investors Blast Sale Plans

Law360, New York (December 17, 2013, 2:56 PM EST) -- Oil and gas company Equal Energy Ltd. told its shareholders Tuesday to hold off on taking any action after two companies with a minority interest in Equal blasted an announced sale agreement.

Equal said it would file a proxy statement with more details to allay investor concerns over the sale announced Dec. 9, in which Equal will be acquired by a subsidiary of Petroflow Energy Corp. for a price of $5.43 per share. A day after the announcement, Lawndale Capital Management LLC issued a statement calling that...
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