American Oil Shareholders Fight $445M Hess Merger

Law360, New York (August 02, 2010, 11:36 AM ET) -- Energy exploration and production company American Oil & Gas Inc. is facing a putative class action from shareholders that allege its executives gave short shrift to a $445 million agreement to sell the company to Hess Corp.

The suit, filed Friday in the U.S. District Court for the District of Colorado, claims the final price does not fully account for gains Hess will make at a large oil field in North Dakota or offer a high enough premium on American Oil's share price.

According to the...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required