Shareholders Foundation, Inc.

Kodiak Oil & Gas Corp (USA) (NYSE:KOG) Investor Alert: Lawsuit Filed to Halt the Takeover by Whiting Petroleum Corporation

A lawsuit was filed by an investor in shares of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) in effort to stop the proposed takeover and NYSE:KOG stockholders should contact the Shareholders Foundation.

 

San Diego, CA -- (ReleaseWire) -- 08/04/2014 -- An investor, who currently holds shares of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) filed a lawsuit in effort to halt the proposed takeover of Kodiak Oil & Gas Corp. by Whiting Petroleum Corporation for a value of approximately $13.90 per share.

Investors who purchased shares of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) and currently hold any of those NYSE:KOG shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:KOG stockholders by agreeing to sell Kodiak Oil & Gas Corp. too cheaply via an unfair process to Whiting Petroleum Corporation.

On July 13, 2014, Whiting Petroleum Corporation (NYSE: WLL) and Kodiak Oil & Gas Corp (USA) (NYSE:KOG) announced an agreement pursuant to which Whiting Petroleum Corporation will acquire Kodiak Oil & Gas Corp (USA) (NYSE:KOG) in an all-stock transaction valued at $6.0 billion, based on the closing price of Whiting Petroleum Corporation on July 11, 2014, and including Kodiak’s net debt of $2.2 billion as of March 31, 2014. Under the definitive agreement, Kodiak Oil & Gas Corp (USA) (NYSE:KOG) shareholders will receive 0.177 of a share of Whiting Petroleum Corporation stock in exchange for each share of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) common stock they hold, representing consideration to each Kodiak Oil & Gas Corp (USA) (NYSE:KOG) shareholder of $13.90 per share based on the closing price of Whiting Petroleum Corporation common stock on July 11, 2014.

However, the plaintiff claims that the takeover of Kodiak Oil & Gas Corp by Whiting Petroleum Corporation undervalues Kodiak Oil & Gas Corp. Indeed, at least one analyst has set the high target price for NYSE:KOG shares at $19.00 per share and NYSE:KOG shares rose after the takeover announcement to as high as $15.95 per share on July 17, 2014. Furthermore, Kodiak Oil & Gas Corp reported that its annual total Revenue rose from $119.99 million in 2011 to $904.61 million in 2013 and that its Net Income increased from $3.88 million in 2011 to $141.42 million in 2013. Shares of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) grew from 0.19 per share in March 2009 to as high as $15.95 per share on July 17, 2014. In addition, the plaintiff alleges that the process is also unfair to NYSE:KOG investors.

On July 31, 2014, NYSE:KOG shares closed at $15.54 per share.

Those who are current investors in Kodiak Oil & Gas Corp (USA) (NYSE:KOG) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com