NEW YORK--(BUSINESS WIRE)--Wolf Haldenstein Adler Freeman & Herz LLP is investigating the reported rejection by the Board of Directors of Apache Corp. (NYSE:APA) (“Apache” or the “Company”) of a takeover offer received from Anadarko Petroleum Corp. (“Anadarko”).
On November 8, 2015, it was reported that Apache had received a takeover offer from Anadarko and hired Goldman Sachs to help defend the Company from the unsolicited offer. On this news, Apache closed at $53.94, up $6.27 for the day.
On November 11, 2015, Anadarko released a statement confirming that it sent Apache a non-binding offer to acquire the company, and that Apache rejected the proposal outright without offering any opportunity for further discussion that might lead to a merger benefitting Apache shareholders. Apache shares closed at $49.40, down $3.91 for the day, erasing a large portion of the gain accrued on November 8th.
Wolf Haldenstein is investigating whether the Board of Directors of Apache breached their fiduciary duties to stockholders by declining to enter into merger discussions that could be to the ultimate benefit of Apache shareholders.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
If you are a shareholder of Apache Corp. we urge you to contact Wolf Haldenstein. If you would like additional information concerning your rights in this matter, please contact us immediately.
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