According to the Complaint, on May 16, 2016, Memorial and Range issued a joint press release announcing that they had entered into an Agreement and Plan of Merger dated May 15, 2016 (the “Merger Agreement”), to sell Memorial to Range. Under the terms of the Merger Agreement, Range would acquire all outstanding shares of Memorial for 0.375 of a Range common share per Memorial common share (the “Merger Consideration”). The Merger Consideration is valued at $15.75 per share based on the May 13, 2016 Range closing price of $42.01.
The Complaint alleges the Proposed Transaction is the result of an unfair process and provides the The Proposed Transaction is the result of an unfair process and provides the Company’s stockholders with inadequate consideration.
This case was voluntarily dismissed on November 14, 2016.