SAN DIEGO, CA / ACCESSWIRE / June 19, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for investors who formerly held Andeavor (NYSE: ANDV) shares.
Investors, who held shares of Andeavor (NYSE: ANDV) and received Marathon Petroleum Corp. (NYSE: MPC) shares as a result of the takeover, might have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On April 30, 2018, Marathon Petroleum Corp. (NYSE: MPC) and Andeavor (NYSE: ANDV) announced that they have entered into a merger agreement under which Marathon Petroleum Corp will acquire all of ANDV's outstanding shares, representing a total equity value of $23.3 billion and total enterprise value of $35.6 billion, based on Marathon Petroleum Corp's April 27, 2018, closing price of $81.43. ANDV shareholders will have the option to choose 1.87 shares of Marathon Petroleum Corp stock, or $152.27 in cash subject to a proration mechanism that will result in 15 percent of ANDV's fully diluted shares receiving cash consideration.
In June 2018, a lawsuit was filed in connection with the takeover of Andeavor by Marathon Petroleum Corp. The plaintiff alleged that certain defendants agreed to certain deal protection provisions in the Merger Agreement that operate conjunctively to deter other suitors from submitting a superior offer for Andeavor. More specifically, the plaintiff claimed that, pursuant to the Merger Agreement, the defendants agreed to a strict no-solicitation provision that prevents the Company from soliciting other potential acquirers or even continuing discussions and negotiations with potential acquirers, to an information rights provision that requires the Company to disclose the identity of any competing bidder and to furnish Marathon Petroleum Corp with the terms of any competing bid and confidentiality agreement, to a matching rights provision which gave Marathon Petroleum Corp four (4) business days to match any unsolicited superior acquisition proposal the Board receives, and a provision that required the Company to pay Marathon Petroleum Corp a termination fee of $600,000,000 if the Company, among other things, signs an alternative acquisition agreement. In September 2018, the case was voluntarily dismissed.
Those who held shares of Andeavor (NYSE: ANDV) and received Marathon Petroleum Corp. (NYSE: MPC) shares as a result of the takeover might have still certain options and should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.
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