Venoco Investor Aims To Block CEO's $770M Buyout Bid

Law360, New York (August 31, 2011, 6:08 PM EDT) -- A Venoco Inc. shareholder filed a putative class action in Delaware court Wednesday in an effort to stop the energy company's CEO from taking Venoco private, saying the deal — valued at $770 million — shortchanges shareholders.

Venoco had announced the proposal Monday, saying CEO Timothy M. Marquez would buy all remaining shares of the company for $12.50 apiece. In a letter to the board of directors, Marquez said the proposed transaction is a 39 percent premium on Venoco's closing stock price Friday and a 27...
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