CPE Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Proposed Merger of Callon Petroleum Company With APA Corp.
MONSEY, N.Y., Jan. 04, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed merger of Callon Petroleum Company (NYSE: CPE) (“Callon”) with APA Corp. (“APA”) in an all-stock transaction that values Callon at approximately $38.31/share, which is below the average price target on Wall Street for Callon stock of $43.10 per share.
- MONSEY, N.Y., Jan. 04, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed merger of Callon Petroleum Company (NYSE: CPE) (“Callon”) with APA Corp. (“APA”) in an all-stock transaction that values Callon at approximately $38.31/share, which is below the average price target on Wall Street for Callon stock of $43.10 per share.
- The exchange values Callon at approximately $38.31 per share based on APA’s closing price on January 3, 2024.
- “We are investigating whether the Callon Board of Directors acted in the best interests of Callon shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter.
- This indicates that virtually all Wall Street analysts think the implied deal price is too low.