Berry Petroleum Shareholder Slams $4.3B Linn Energy Deal

Law360, Dallas (March 4, 2013, 7:10 PM EST) -- A Berry Petroleum Co. shareholder on Friday launched a putative class action in Colorado challenging the exploration company’s pending $4.3 billion sale to Houston-based Linn Energy LLC, saying it significantly undervalues Berry and represents self-dealing by company leadership.

The suit names Berry, Linn, several holding companies, company management and board members as defendants and alleges the deal was designed in a “hopelessly flawed process” that favors Berry’s largest shareholders and its top leadership. The proposed class of all common stock shareholders, excluding those with ties to...
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