STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Apco Oil and Gas International Inc. (“Apco” or the “Company”) (NASDAQ: APAGF) relating to the proposed buyout of the Company by Pluspetrol Resources Corporation (“Pluspetrol”).
On October 3, 2014, Apco announced it had signed a definitive agreement with Pluspetrol in a transaction valued at approximately $427 million. Under the terms of the transaction, Pluspetrol will acquire all outstanding shares of Apco Class A and ordinary shares for $14.50 per share in cash.
The firm’s investigation seeks to determine, among other things, whether Apco’s Board of Directors 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. In particular, the $14.50 per share acquisition price is far less than where the stock had traded several months ago at $16.04. The transaction may undervalue Apco and represents a loss or no real gain for many Apco shareholders.
If you currently own common stock of Apco and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.