SHAREHOLDER NEWS: Johnson Fistel Investigates Proposed Sale of Pioneer Natural Resources to Exxon Mobil
SAN DIEGO, Oct. 11, 2023 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer”) breached their fiduciary duties in connection with the proposed sale of the Company to Exxon Mobil (NYSE: XOM).
You can click or copy and paste the following link to join this investigation:
On October 11, 2023, Pioneer announced that it had entered a deal to be purchased by Exon Mobil. Under the terms of the deal, Pioneer shareholders will receive 2.3234 Exxon shares for each Pioneer share they own. The companies said that based on the October 5 closing prices of $108.99 for Exxon’s stock and $214.96 for Pioneer’s stock, the deal values Pioneer shares at $253.23.
Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially since the average analysts’ price target is currently $263.
The investigation concerns whether the Pioneer board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Pioneer shares of common stock.
If you are a shareholder of Pioneer and believe the proposed buyout price is too low or you’re interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Johnson Fistel, LLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.