SAN DIEGO, March 28, 2018 /PRNewswire/ — Shareholder rights law firm Johnson & Fistel, LLP has launched an investigation into whether the board members of RSP Permian, Inc. (NYSE: RSPP) (“RSP”) breached their fiduciary duties in connection with the proposed sale of the Company to Concho Resources Inc. (“Concho Resources“).
RSP Permian, Inc., is an independent oil and natural gas company, engaging in the acquisition, exploration, exploitation, development, and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas.
On March 28, 2018, RSP announced it had signed a definitive merger agreement with Concho Resources Under the terms of the definitive merger agreement, shareholders of RSP will receive 0.320 shares of Concho common stock in exchange for each share of RSP common stock, representing consideration to each RSP shareholder of $50.24 per share based on the closing price of ConchoResources common stock on March 27, 2018.
The investigation concerns whether RSP’s board failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock.
Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given that one Wall Street analyst has a $69 price target on the stock.
If you are a shareholder of RSP and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP