Frontier, Holly To Settle 8 Lawsuits Over $7B Merger

Law360, New York (June 21, 2011, 6:25 PM EDT) -- Holly Corp. and Frontier Oil Inc. told investors on Tuesday that they had reached settlement agreements in eight shareholder putative class actions filed in Texas that challenge their proposed $7 billion merger.

The merger, announced in February, sparked 12 shareholder lawsuits in state and federal courts in Texas as well as in Wyoming state court. The plaintiffs claimed the proposed merger benefited Holly to the detriment of Frontier's shareholders, accused Frontier's CEO and board of directors of breach of fiduciary duty and alleged Holly aided and...
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