NEW YORK, June 22, 2022 (GLOBE NEWSWIRE) — Scott+Scott Lawyers LLP (“Scott+Scott”), an international firm specializing in securities and consumer rights litigation, reminds investors that it is investigating whether the directors of Centennial Resource Development, Inc. (“Centennial”) (CDEV) breached their fiduciary duties to its shareholders by approving a merger with Colgate Energy Partners III, LLC (“Colgate”) for insufficient consideration. If you are a Centennial shareholder, you can contact attorney Joe Pettigrew for more information toll-free at 844-818-6982, or [email protected].
Scott+Scott is investigating whether Centennial’s board of directors failed to maximize Centennial’s value for the benefit of Centennial shareholders in its announced merger with Colgate, in breach of their fiduciary duties to shareholders of Centennial, and whether Centennial shareholders have suffered damages as a result of any result.
On May 19, 2022, Centennial announced that it had entered into a merger agreement with Colgate for 269.3 million Centennial shares, $525 million in cash and the assumption of approximately $1.4 billion in outstanding of Colgate’s net debt, in a transaction that values Colgate at approximately $3.9 billion.
what you can do
If you are a Centennial shareholder, you may have legal claims against Centennial’s directors. If you would like to discuss this survey, or have any questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll free at 844-818-6982 or [email protected]scott.com.
Scott+Scott has considerable experience in pursuing major securities, antitrust and consumer rights actions across the United States. The firm represents pension funds, foundations, individuals and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California and Ohio.