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...
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