Pennsylvania-based shareholder litigation firm Ryan & Maniskas is investigating potential claims against Athlon Energy related to Encana’s acquisition of the company for nearly $6 billion.
The firm said it is looking into possible breaches of fiduciary duty and other violations by Athlon’s board of directors for “not acting in the shareholders’ best interests.”
Neither Athlon nor Encana has commented on the investigation.
Under the terms of the sale, shareholders would receive $58.50 in cash for each share of Athlon they own.
Calgary-based Encana agreed Monday to buy Texas-based Athlon Energy for $5.93 billion in cash.
Encana will pay $58.50 per share and assume Athlon’s $1.15 billion in senior notes for a total transaction value of approximately $7.1 billion.
The acquisition will add 140,000 net acres at the Permian shale play in Texas to Encana’s portfolio.
Encana expects the purchase to contribute about 30,000 barrels of oil equivalent per day in current production to its output.
Encana said the Permian shale play will play an important part in the company’s growth portfolio, significantly contributing to a projected total liquids production of around 250,000 barrels per day by 2017.