NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether the directors of Centennial Resource Development, Inc. (“Centennial”) (NASDAQ: CDEV) breached their fiduciary duties to its shareholders in approving a merger with Colgate Energy Partners III, LLC (“Colgate”) for inadequate consideration. If you are a Centennial shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982, or jpettigrew@scott-scott.com.
Scott+Scott is investigating whether Centennial’s board of directors failed to maximize the value of Centennial for the benefit of Centennial’s shareholders in connection with its announced merger with Colgate, in breach of their fiduciary duties to Centennial’s shareholders, and whether Centennial’s shareholders have suffered damages as a result.
On May 19, 2022, Centennial announced it had reached an agreement to merge with Colgate for 269.3 million shares of Centennial stock, $525 million of cash, and the assumption of approximately $1.4 billion of Colgate’s outstanding net debt, in a transaction that values Colgate at approximately $3.9 billion.
What You Can Do
If you are a Centennial shareholder, you may have legal claims against Centennial’s directors. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or jpettigrew@scott-scott.com.
About Scott+Scott
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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