BALA CYNWYD, Pa., Sept. 15, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Parallel Petroleum Corp. ("Parallel" or the "Company") (Nasdaq:PLLL) related to the proposed merger by an affiliate of Apollo Global Management LLC ("Apollo"). Under the terms of the agreement, Parallel shareholders would receive $3.15 per share in cash or a slight premium on the September 14, 2009 closing price of $2.84.
The total transaction is valued at $483 million, including the assumption or repayment of approximately $351 million of net indebtedness. The deal appears to be unfair, in part, given the stock price over the past 52 weeks and superior analyst estimates.
If you are a Parallel shareholder and wish to discuss the legal ramifications of the proposed acquisition by an affiliate of Apollo, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.