An investigation on behalf of investors, who currently hold shares of Penn Virginia Corporation (NASDAQ: PVAC), was announced concerning whether the takeover of Penn Virginia Corporation is unfair to NASDAQ: PVAC stockholders.

The investigation by a law firm concerns whether certain officers and directors of Penn Virginia Corporation breached their fiduciary duties owed to NASDAQ: PVAC investors in connection with the proposed acquisition.

Houston, TX based Penn Virginia Corporation, an independent oil and gas company, engages in the onshore exploration, development, and production of crude oil, natural gas liquids, and natural gas in the United States.

On October 28, 2018, Denbury Resources Inc. (NYSE: DNR) and Penn Virginia Corporation (NASDAQ: PVAC) announced that they have entered into a merger agreement pursuant to which Denbury will acquire Penn Virginia in a transaction valued at approximately $1.7 billion, including the assumption of debt. The consideration to be paid to Penn Virginia shareholders will consist of 12.4 shares of Denbury common stock and $25.86 of cash for each share of Penn Virginia common stock, or a value of approximately $79.80 per share.

However, given that at least one analyst has set the high target price for NASDAQ: PVAC shares at $108.00 per share, the investigation concerns whether the offer is unfair to NASDAQ: PVAC stockholders. More specifically, the investigation concerns whether the Penn Virginia Corporation 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.

Penn Virginia Corporation reported that its annual Total Revenue rose from $127.6 million 2016 to $152.55 million in 2017.

Shares of Penn Virginia Corporation (NASDAQ: PVAC) traded as high as $94.00 per share in July 2018.

On November 5, 2018, NASDAQ: PVAC shares closed at $72.22 per share.