The law firm of Berman DeValerio is investigating Forest Oil
Corporation's ("Forest" or the "Company") (NYSE:FST) board of directors
related to the proposed sale of Forest to Sabine Oil & Gas LLC
("Sabine"). Sabine is a limited liability company with no public market
for its shares. Under the terms of the transaction, in exchange for each
share of Forest, shareholders will receive .1 shares of a new company
which is expected to trade on the New York Stock Exchange.
If this transaction is consummated, First Reserve Corp., a private
equity firm which owns 99% of Sabine, will own as much as 73.5% of the
newly formed company. In addition, there is no public market for Sabine
shares, which makes it more difficult for Forest shareholders to assess
the value of the consideration they will receive for their shares. The
Company has revealed, however, that two Forest board members have
negotiated positions for themselves on Sabine's board.
Berman DeValerio (www.bermandevalerio.com)
is investigating whether Forest's directors adequately carried out their
fiduciary duties to thoroughly consider alternatives to the proposed
acquisition and whether they conducted an adequate and fair sales
process in order to obtain maximum value for the Company's shareholders
before approving the transaction.
If you currently hold shares of Forest and would like more information
regarding this matter, or if you wish to share information about the
matter, you may contact Nathaniel Orenstein, Esq., at email@example.com
or (617) 542-8300.
Berman DeValerio is a national law firm representing plaintiffs in
lawsuits against corporate wrongdoers, chiefly for violations of
securities and antitrust laws. The firm has 35 lawyers in Boston, San
Francisco and Palm Beach Gardens, Florida.
Source: Berman DeValerio