SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Apco Oil and Gas International Inc. (NASDAQ:APAGF) breached their fiduciary duties in connection with the proposed sale of the Company to Pluspetrol Resources Corporation.
Apco explores and produces for oil and gas in South America. Its producing operations are located in the Neuquén, Austral, San Jorge, and Northwest basins in Argentina; and in the Llanos basin in Colombia.
On October 3, 2014, Apco announced it had signed a definitive agreement with Pluspetrol. Under the terms of the agreement, Pluspetrol will acquire all outstanding shares of Apco Class A and ordinary shares for $14.50 per share in cash.
The investigation concerns whether Apco’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. The $14.50 per share acquisition price is far less than where the stock had traded several months ago at $16.04.
If you are a shareholder of Apco and believe the proposed buyout price is too low and you are interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, 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.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.