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Levi & Korsinsky, LLP is investigating the Board of Directors of Bonanza Creek Energy Inc. (NYSE: BCEI) in connection with the sale of the Company to SandRidge Energy, Inc. (NYSE: SD). Under the terms of the transaction, Bonanza Creek Energy shareholders will receive approximately $36 per share, comprised of $19.20 in cash and $16.80 of SandRidge shares.
The investigation concerns whether the Board of Bonanza Creek Energy breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether SandRidge Energy, Inc. is underpaying for Bonanza Creek Energy shares, thus unlawfully harming Bonanza Creek Energy shareholders.
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