MONSEY, N.Y., July 13, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the all-stock transaction valued at $89.45 per share pursuant to which Denbury, Inc. (NYSE: DEN) (“Denbury”) has agreed to be sold to Exxon Mobil Corporation (“Exxon”).
If you remain a Denbury shareholder and question 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/denbury/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On July 13, 2023, Denbury announced that it had agreed to be sold to Exxon in an all-stock transaction valued at $89.45 per share, a bare 1.9% premium to Denbury’s closing stock price on July 12, 2023.
“We are investigating whether the Denbury Board of Directors acted in the best interests of Denbury shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether in light of the tiny premium, the price agreed upon is fair to Denbury shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to an analysis of Wall Street price targets for Denbury in the last 90 days published on Seeking Alpha, there is a high price target of $140.00 per share, and an average price target of $108.17 per share, which indicates that most Wall Street analysts think the implied deal price is far too low. Indeed, as investors have observed on SeekingAlpha, Denbury has developed a significant and valuable carbon capture infrastructure over the years.
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
