CNX Investors Slam $960M Consol Stock Purchase Bid

Law360, New York (April 15, 2010, 2:29 PM EDT) -- A putative class of CNX Gas Corp. shareholders has launched a breach of fiduciary duty suit seeking to block Consol Energy Inc.'s $960 million plan to acquire the remaining shares of the coalbed methane gas producer.

The complaint, lodged Tuesday in the Court of Chancery of the State of Delaware by named plaintiff Harold L. Hurwitz, argues that top officials at the two companies engineered a sweetheart deal to buy the rest of Canonsburg, Pa.-based CNX's shares at a price that undervalues the stock's potential....
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