The law firm of Wohl & Fruchter LLP is investigating the acquisition of Equal Energy Ltd. (Equal) (NYSE:EQU) by Petroflow Energy Corporation and Petroflow Canada Acquisition Corp. (Petroflow).
On December 9, 2013, Equal announced that it had agreed to be acquired by Petroflow for $5.43 per share in cash. The buyout price represents a measly 1% premium over the last closing price of $5.37/share on December 6, 2013, prior to the announcement. Further, under the agreement with Petroflow, Equal has agreed that it will not solicit or initiate discussions with respect to any other business combination or sale of material assets.
Wohl & Fruchter’s investigation concerns whether Equal’s board of directors breached its fiduciary duties to stockholders by agreeing to sell the Company for an inadequate price, and failing to adequately shop the Company before agreeing to enter into the transaction with Petroflow.
Additional information is available at http://www.wohlfruchter.com/cases/equ.Persons with relevant information, and EQU shareholders with questions about this investigation, are invited to contact our Firm by calling 866.833.6245, or contacting the attorney below. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.