JP Morgan Fees Center Stage In Del. Suit Over $3.2B Oil Deal
Law360 (October 10, 2019, 5:19 PM EDT) -- Callon Petroleum Co. investors launched a Chancery Court suit late Wednesday over a proposed $3.2 billion all-stock acquisition of Carrizo Oil & Gas Inc., accusing Callon of failing to disclose financial adviser J.P. Morgan Securities LLC's potential gains from work on an associated $2.5 billion financing.
The proposed class' complaint also questioned the deal price and the potential dilution of their shares as a result of the merger's exchange provisions. Lead stockholder Desmond Davis said in the complaint that Callon directors breached their fiduciary duty in failing to share all potential conflicts that might affect J.P. Morgan's motives for recommending the...
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