NEW YORK, Nov. 2, 2009 (GLOBE NEWSWIRE) -- Attorney Advertising. The law firm of Harwood Feffer LLP is investigating possible breaches of fiduciary duty by the Board of Directors of Encore Acquisition Company ("Encore Acquisition") (NYSE:EAC) arising out of the proposed acquisition of Encore Acquisition by Denbury Resources Inc. ("Denbury") (NYSE:DNR).
On Sunday, November 1, 2009, Encore Acquisition announced it had agreed to be acquired by Denbury in a transaction valued at approximately $4.5 billion, comprised of (a) $15.00 in cash and (b) $35.00 in Denbury common stock, subject to both an election feature and a collar mechanism on the stock portion of the consideration. The proposed acquisition includes the assumption of Encore Acquisition's debt, recently reported at approximately $1.24 billion. However, Encore Acquisition may not have adequately shopped itself around before entering into this transaction and, pursuant to this proposed transaction, Denbury may be underpaying for Encore Acquisition, thus unlawfully harming Encore Acquisition shareholders.
Denbury is an independent oil and gas company with holdings throughout Alabama, Mississippi, Louisiana, and Southeast Texas. Encore Acquisition is engaged in the acquisition and development of oil and natural gas reserves from onshore fields in the United States.
Harwood Feffer LLP has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in U.S. federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
If you own Encore Acquisition common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
James G. Flynn, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10016
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: jflynn@hfesq.com
Website: http://www.hfesq.com
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
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