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Investigation for Investors in SRC Energy Inc. (NYSE: SRCI) over Takeover announced

09-25-2019 09:58 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors of SRC Energy Inc. (NYSE: SRCI) in connection with the proposed takeover was announced.

An investigation on behalf of investors of SRC Energy Inc. (NYSE: SRCI) in connection with the proposed takeover was announced.

The takeover of SRC Energy Inc. is under investigation concerning whether it is unfair to NYSE: SRCI stockholders.

Investors who purchased shares of SRC Energy Inc. (NYSE: SRCI) and currently hold any of those NYSE: SRCI shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of SRC Energy Inc. breached their fiduciary duties owed to NYSE: SRCI investors in connection with the proposed acquisition.

SRC Energy Inc., an oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in the Denver-Julesburg Basin of Colorado.

On August 26, 2019, PDC Energy, Inc. (NASDAQ: PDCE) and SRC Energy, Inc. (NYSE: SRCI) announced they have entered into a merger agreement under which PDC will acquire SRC Energy, Inc. in an all-stock transaction valued at approximately $1.7 billion, including SRC’s net debt of approximately $685 million as of June 30, 2019. Under the terms of the agreement, SRC Energy, Inc. 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.

However, given that at least one analyst has set the high target price for NYSE: SRCI shares at $10.00 per share and given that NYSE: SRCI shares reach in the open market as high as $13.32 per share in May 2018, the investigation concerns whether the offer is unfair to NYSE: SRCI stockholders. More specifically, the investigation concerns whether the SRC Energy Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

SRC Energy Inc. reported that its annual Total Revenue rose from $362.51 million in 2017 to $645.64 million in 2018 and that its

Net Income increased from $142.48 million in 2017 to $260.02 million in 2018.

Shares of SRC Energy Inc. (NYSE: SRCI) closed on September 16, 2019, at $5.76 per share.

Those who are current investors in SRC Energy Inc. (NYSE: SRCI) shares have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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