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If you currently hold shares of Mariner Energy, Inc. (NYSE:ME), you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
An investigation on behalf of current investors in Mariner Energy, Inc. (NYSE:ME) concerning shareholder claims over possible breaches of fiduciary duty by the board of directors of Mariner Energy, Inc. (Public, NYSE:ME)was announced.
The investigation by law firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Mariner Energy of arising out of their attempt to sell Mariner Energy, Inc. (NYSE:ME) to Apache Corporation.
Mariner Energy, Inc., located in Houston, Texas, is an independent oil and gas exploration, development, and production company. Mariner Energy, Inc. reported in 2007 Total Revenue of $874.76million, in 2008 $1.30051billion, and in 2009 $942.94million.
On April 15, 2010 Mariner Energy (NYSE: ME) and Apache Corporation (NYSE: APA) announced that they have entered into a merger agreement under which Mariner Energy shareholders will receive a value of approximately $26.22 per ME common share that they own. In particular ME shareholders will receive 0.17043 of a share of Apache Corp. common stock (APA) and $7.80 in cash for each outstanding share of Mariner Energy's common stock (ME). The transaction value is approximately $2.7 billion.
Shares of Mariner Energy, Inc. (ME) traded after the announcement at $25.68 per shares, and at $18.25 per share the day before the news. ME shares were down from $29.51 per share in August 2008, and over $35 per share in June 2008. At least one analyst set a price target for Mariner stock at $27.00 per share.
The investigation by a law firm concerns whether the Mariner Energy Board of Directors breached their fiduciary duties to Mariner Energy, Inc. (NYSE:ME) stockholders by failing to adequately shop the Company prior to entering into the agreement, whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value of Mariner Energy, Inc., and whether Apache Corporation is underpaying for Mariner Energy, Inc., thus unlawfully harming Mariner Energy(ME) stockholders.
