Feb. 21, 2013 (Shareholders Foundation) -- An investigation on behalf of investors in Berry Petroleum Company (NYSE:BRY) shares was announced concerning whether the offer by LINN Energy, LLC and LinnCo, LLC to acquire Berry Petroleum Company for a value of approximately $46.2375 per NYSE:BRY share and the takeover process are unfair to investors in Berry Petroleum shares.

The investigation by a law firm concerns whether certain officers and directors of Berry Petroleum Company breached their fiduciary duties owed to NYSE:BRY investors in connection with the proposed acquisition.

On February 21, 2013 LINN Energy, LLC (Nasdaq:LINE), LinnCo, LLC (Nasdaq:LNCO) and Berry Petroleum Company (NYSE:BRY) announced the signing of a merger agreement pursuant to which LINN Energy and LinnCo will acquire all of Berry Petroleums outstanding shares for total consideration of $4.3 billion, including the assumption of debt. Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry Petroleum Company outstanding prior to the merger. The consideration to be received by Berry Petroleum shareholders is valued at $46.2375 per NYSE:BRY share based on LinnCo's closing price as of February 20, 2013.

However, given that at least one analyst has set the high target price for NYSE:BRY shares at $50.00 per share and that NYSE:BRY shares traded in February 2012 as high as $55.74 per share, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:BRY stockholders. More specifically, the investigation focuses on whether the Berry Petroleum Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.