Tomahawk, WI 10/17/2011 (PennyPayDay) – Rigrodsky & Long, P.A. announced today, in a press release, that it is investigating potential claims against the board of directors of Brigham Exploration Company (Nasdaq: BEXP) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Statoil ASA in a transaction with an approximate value of approximately $4.4 billion.Under the proposed agreement, Statoil will commence a tender offer for all of the outstanding shares of Brigham Exploration common stock by October 31, 2011. Brigham Exploration shareholders will receive $36.50 per share in cash for all outstanding shares of Brigham Exploration common stock tendered in the offer.
The investigation concerns whether Brigham Exploration’s board of directors adequately shopped the Company to obtain the best price possible for Brigham Exploration’s shareholders before entering into the agreement with Statoil. Indeed, according to Yahoo! Finance, at least one analyst has set a $45.00 per share stock price for Brigham Exploration stock.
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