NEW YORK, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors HollyFrontier Corporation (NYSE: HFC) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed merger with Sinclair Oil Corporation and Sinclair Transportation Company (“Sinclair”).
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On August 3, 2021, HollyFrontier announced that it had entered into an agreement to merge with Sinclair in a deal valued at approximately $1.8 billion. Pursuant to the merger agreement, HollyFrontier will form a new parent company, named “HF Sinclair Corporation” (“HF Sinclair”), which will replace HollyFrontier as the public company trading on the NYSE. At the closing, existing shares of HollyFrontier will be converted on a one-to-one basis into shares of common stock of HF Sinclair. In addition, HF Sinclair will issue approximately 60.2 million shares of common stock to Sinclair, representing 26.75% of the pro forma equity of HF Sinclair. The deal is scheduled to close in mid-2022.
Bragar Eagel & Squire is concerned that HollyFrontier’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for HollyFrontier’s stockholders.
If you own shares of HollyFrontier and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at investigations@bespc.com or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Melissa Fortunato, Esq.
Alexandra Raymond, Esq.
investigations@bespc.com
www.bespc.com