NEW YORK, Oct. 19, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Concho Resources Inc. ("CXO" or the "Company") (NYSE: CXO) in connection with the proposed acquisition of the Company by ConocoPhillips ("COP"). Under the terms of the acquisition agreement, CXO shareholders will be entitled to receive 1.46 shares of COP common stock for each share of CXO common stock that they own, representing implied per-share merger consideration of $49.30 based upon COP's October 16 closing price of $33.77.
If you own CXO shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether the exchange ratio is fair and CXO's board acted in the best interest of CXO's public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of the proposed acquisition of the Company, and whether all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed. Notably, at least one analyst set a price target of $99.00 per CXO share, or nearly twice the implied per-share consideration.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org
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SOURCE WeissLaw LLP