Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Andeavor (NYSE: ANDV) to Marathon Petroleum Corp. (“MPC”) (NYSE: MPC). Under the terms of the transaction, Andeavor shareholders may elect to receive 1.87 shares of MPC stock, or $152.27 in cash per share.
The investigation concerns whether the Board of Andeavor breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether MPC is underpaying for Andeavor shares, thus unlawfully harming Andeavor shareholders. In particular, at least one analyst set a price target of $160 per Andeavor share.
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