MONSEY, N.Y., May 29, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed merger of Marathon Oil Corporation (NYSE: MRO) (“Marathon”) with ConocoPhillips in an all-stock transaction that values Marathon at approximately $30.33 per share, which is well below the price targets for Marathon of at least fifteen Wall Street analysts.
If you remain a Marathon shareholder and have concerns about the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/marathon-oil/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On May 29, 2024, Marathon announced that it had agreed to merge with ConocoPhillips in an all-stock transaction under which each Marathon common share will be exchanged for a ratio of 0.2550 shares of ConocoPhillips common stock. The exchange values Marathon at approximately $30.33 per share based on ConocoPhillips’ closing price of $118.96 on May 28, 2024.
“We are investigating whether the Marathon Board of Directors acted in the best interests of Marathon shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the exchange ratio agreed upon is fair to Marathon shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to TipRanks, the implied deal price of $30.33 per Marathon share is well below the price targets for Marathon of at least fifteen Wall Street analysts, including:
- Paul Cheng of Scotiabank ($45.00)
- Roger Read of Wells Fargo ($38.00)
- Derrick Whitfield of Stifel Nicolaus ($36.00)
- Betty Jiang of Barclays ($35.00)
- Neal Dingman of Truist Financial ($35.00)
- Mark Lear of Piper Sandler ($34.00)
- Arun Jayaram of J.P. Morgan ($33.00)
- Scott Hanold of RBC Capital ($33.00)
- Nitin Kumar CFA of Mizuho Securities ($33.00)
- Subash Chandra of Benchmark Co. ($32.00)
- Josh Silverstein of UBS ($32.00)
Further, several Marathon shareholders publishing to SeekingAlpha have expressed disappointment with the deal price, with one Marathon investor with the screenname “Texas2050” commenting “MRO getting stolen at this price IMO. 17.1B is cheap,” and a second Marathon investor with the screenname “Wellington999” opining that “feels like MRO could have held out for $5 more.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
