Devon Energy Seeks Chancery Fix For Late Merger Notices

Law360 (February 18, 2021, 7:15 PM EST) -- A mail-notice bungle sent Devon Energy Corp. into Delaware's Chancery Court on Wednesday seeking corporate absolution for a subcontractor's failure to assure that all stockholders received timely notices of a vote on a $12 billion merger.

The Oklahoma-based oil and gas venture applied for court validation of a stockholder vote in December 2020 needed to complete its merger of equals with WPX Energy, despite late notice deliveries affecting 14.9% of Devon's then-outstanding shares.

Devon reported that the number of affected shares was below the total required to change the outcome of the vote, which saw the remaining properly notified stockholders agree...

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