Law Firm Brower Piven Announces Investigation Of Petrohawk Energy Corporation
The law firm of Brower Piven, A Professional Corporation, has commenced
an investigation into possible breaches of fiduciary duty to current
shareholders of Petrohawk Energy Corporation (“Petrohawk”) (NYSE: HK)
The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Petrohawk Energy Corporation (“Petrohawk”) (NYSE: HK) and other violations of state law by the Board of Directors of Petrohawk relating to the proposed acquisition of the company by BHP Billiton Limited (“BHP”) (NYSE: BHP). The firm’s investigation seeks to determine whether Petrohawk’s Board breached their fiduciary duties by, among other things, failing to maximize shareholder value. On July 15, 2011, Petrohawk and BHP jointly announced that they have entered into a definitive merger agreement for Petrohawk to be acquired by BHP, with a total transaction value of approximately $12.1 billion, including net debt. Bloomberg reported that Floyd C. Wilson, the CEO of Petrohawk, will receive approximately $152 million in connection with the merger. According to the press release, BHP will commence a tender offer to purchase all of Petrohawk’s outstanding shares for $38.75 per share. However, according to recent company press releases, Petrohawk has performed well recently. On May 5, 2011, Petrohawk announced first quarter 2011 financial results and reported net income of $44.4 million, or $0.15 per fully diluted common share, versus $39.9 million, or $0.13 per fully diluted common share one year ago and revenues for the quarter were $492 million, a 22% increase over fourth quarter 2010 and a 12% increase compared to the same period one year ago. The tender offer is expected to commence by July 25, 2011. If you own Petrohawk common stock and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.