American Oil Shareholders Fight $445M Hess Merger

Law360, New York (August 2, 2010, 11:36 AM EDT) -- Energy exploration and production company American Oil & Gas Inc. is facing a putative class action from shareholders that allege its executives gave short shrift to a $445 million agreement to sell the company to Hess Corp.

The suit, filed Friday in the U.S. District Court for the District of Colorado, claims the final price does not fully account for gains Hess will make at a large oil field in North Dakota or offer a high enough premium on American Oil's share price.

According to the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.