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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of SRC Energy Inc. (“SRC” or the “Company”) (NYSE: SRCI) to PDC Energy, Inc. (“PDC”) (NASDAQ: PDCE). Under the terms of the deal, SRC shareholders will receive a fixed exchange ratio of 0.158 PDC shares for each share of SRC common stock, representing an implied value of $3.99 per share based on the PDC closing price as of August 23, 2019.
The SRC merger investigation concerns whether the Board of SRC breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether PDC is underpaying for SRC shares, thus unlawfully harming SRC shareholders.
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