Possible Lawsuit Over BTE Buyout of Ranger Bala Cynwyd, Pennsylvania--(Newsfile Corp. - February 28, 2023) - Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Ranger Oil Corporation ("Ranger Oil" or the "Company") (NASDAQ: ROCC) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the Company's agreement to be acquired by Baytex Energy Corp. ("Baytex") (NYSE: BTE). Under the terms of the Agreement, Ranger shareholders will receive 7.49 Baytex shares plus US$13.31 cash, for each Ranger common share, for total consideration of approximately US$44.36 per share. The total consideration to be paid by Baytex, including assumption of net debt, is approximately US$2.5 billion.
The investigation concerns whether the Ranger Oil Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Baytex is paying too little for the Company. For example, the deal consideration is below the 52-wek high of US$53.59 for the Company's shares.