Stockholders Say $1.1B Talos Energy Deal Rife With Conflicts
Law360 (February 19, 2021, 10:25 PM EST) -- Attorneys for Talos Energy Inc. stockholders argued in Delaware's Chancery Court on Friday that a flawed deal valuation and conflict-tainted acts led to an overpriced, $1.1 billion cash-and-stock purchase of oil field tracts in the Gulf of Mexico from one of the company's top investors.
Battling a quartet of dismissal motions before Vice Chancellor Morgan T. Zurn, Stephen E. Jenkins of Ashby & Geddes PA, counsel for the stockholders, accused Talos financial adviser Guggenheim Securities LLC of "putting its thumb on the scale" in valuing the deal with findings that tipped it heavily in favor of Talos stockholder Riverstone Holdings LLC....
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