November 22, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Western Refining, Inc. (NYSE:WNR), was announced concerning whether the takeover of Western Refining, Inc.. by Tesoro Corporation for a value of approximately %37.50 per share is unfair to NYSE:WNR stockholders.

The investigation by a law firm concerns whether certain officers and directors of Western Refining, Inc. breached their fiduciary duties owed to NYSE:WNR investors in connection with the proposed acquisition.

On November 17, 2016 - Tesoro Corporation (NYSE: TSO) and Western Refining, Inc. (NYSE:WNR) announced an agreement under which Tesoro will acquire Western Refining, Inc. (NYSE:WNR) at an implied current price of $37.30 per Western Refining, Inc. (NYSE:WNR) share in a stock transaction, representing an equity value of $4.1 billion based on Tesoro's closing stock price of $85.74 on November 16, 2016.

However, the investigation concerns whether the offer is unfair to NYSE:WNR stockholders. More specifically, the investigation concerns whether the Western Refining 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.