Shareholder Sues Petrohawk Over $12B Sale To BHP

Law360, New York (July 19, 2011, 6:14 PM ET) -- Petrohawk Energy Corp. was hit with a shareholder class action in Delaware on Monday claiming the natural gas company illegally locked itself into a $12.1 billion sale agreement with BHP Billiton Ltd. that allegedly undervalues Petrohawk stock and unfairly benefits executives.

Astor BK Realty Trust filed suit in the Delaware Court of Chancery on behalf of all owners of Petrohawk common stock, less than a week after Australian mining company BHP announced its deal to purchase the company — its second deal this year aimed at...
To view the full article, register now.