Brigham Investor Challenges $4.4B Statoil Deal

Law360, Wilmington (October 20, 2011, 7:03 PM EDT) -- A Brigham Exploration Co. shareholder lodged a putative class action Thursday in Delaware seeking to block Norwegian oil and gas giant Statoil ASA's $4.4 billion purchase of the company, saying the price doesn’t reflect Brigham's true value.

The Texas-based company’s directors breached their duty to shareholders by signing off on the deal at a paltry price — $36.50 per share — after an insufficient marketing effort, according to plaintiff Howard Weisberg.

“Despite record-breaking quarterly profits throughout 2011, the offer price represents a discount to [Brigham’s] 52-week...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.