BALA CYNWYD, Pa., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith.com) or Marc Ackerman (mackerman@brodskysmith.com) at 855-576-4847. There is no cost or financial obligation to you.
Pioneer Natural Resources (NYSE – PXD)
Under the terms of the agreement, Pioneer will be acquired by Exxon Mobil (NYSE – XOM). Holders of the Company’s shares will receive $253.00 in cash per share held. The deal has a market value of approximately $55.4 billion. The investigation concerns whether the Pioneer Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Exxon Mobil is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/pioneer-natural-resources-nyse-pxd/.
Consolidated Communications Holdings, Inc. (Nasdaq – CNSL)
Under the terms of the Merger Agreement, Consolidated Communications will be acquired by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”) and British Columbia Investment Management Corporation (“BCI,” and together with Searchlight, the “Buyers”) in an all-cash transaction with an enterprise value of approximately $3.1 billion, including the assumption of debt. Buyers will acquire all of the Consolidated common stock not already owned by Searchlight for $4.70 per share in cash. The investigation concerns whether the Consolidated Communications Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Buyers are paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/consolidated-communications-holdings-inc-nasdaq-cnsl/.
Summit Materials (NYSE – SUM)
Under the terms of the agreement, Summit will merge with Argos North America Corp. (“Argos”). The companies will combine in a cash and stock transaction valued at $3.2 billion. Post close, Argos will have a 31% interest in Summit. The investigation concerns whether the Summit Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution of Summit shareholders in the combined company.
Additional information can be found at https://www.brodskysmith.com/cases/summit-materials-nyse-sum/.
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