Cases
Noble Energy, Inc.
Merger
Overview
Overview
- Date:
- 7/20/2020
- Case Caption:
- Fague v. Noble Energy, Inc., et al.
- Stock Symbol:
- NBL
- Company Name - Buyer:
- Chevron Corporation
- Stock Symbol - Buyer:
- CVX
- Status:
- Filed
- Merger Announcement Date:
- 7/20/2020
- Filing Date:
- 9/23/2020
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, July 20, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Noble Energy, Inc. (NASDAQ: NBL) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed merger with Chevron Corporation (NYSE: CVX).
On July 20, 2020, Noble Energy announced that it had signed an agreement to be acquired by Chevron for approximately $5 billion. Pursuant to the merger agreement, Noble Energy’s stockholders will receive 0.1191 shares of Chevron common stock for each share of Noble Energy common stock owned. This exchange rate values each share of Noble Energy common stock at approximately $10.38. The deal is scheduled to close in the fourth quarter of 2020.
Bragar Eagel & Squire is concerned that Noble Energy’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Indeed, Noble Energy common stock has recently traded far above Chevron’s valuation of $10.38 per share. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Noble Energy’s stockholders.
On July 20, 2020, Noble Energy announced that it had signed an agreement to be acquired by Chevron for approximately $5 billion. Pursuant to the merger agreement, Noble Energy’s stockholders will receive 0.1191 shares of Chevron common stock for each share of Noble Energy common stock owned. This exchange rate values each share of Noble Energy common stock at approximately $10.38. The deal is scheduled to close in the fourth quarter of 2020.
Bragar Eagel & Squire is concerned that Noble Energy’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Indeed, Noble Energy common stock has recently traded far above Chevron’s valuation of $10.38 per share. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Noble Energy’s stockholders.