LAWSUITS NEWS & LEGAL INFORMATION
Chaparrel Investors
Wilmington, DE: (Jan-27-08) Several shareholder lawsuits were brought against OAO Lukoil, Russia's largest private oil producer, challenging its takeover of Chaparral Resources Inc. Chaparral investors sued in Delaware Chancery Court in March 2006, contending Lukoil's offer of $88.6 million, or $5.80 a share, for the 40% stake it didn't already own was too low. In September 2006, a judge denied a request by the shareholders to delay a vote on the buyout, allowing it to be completed the same month. Chaparral shares had more than doubled in the year before investors sued. The company was a unit of oil producer Nelson Resources Ltd., which Moscow-based Lukoil purchased in December 2005 for $2 billion. Chaparral, based in White Plains, NY, explores for oil and natural gas in Kazakhstan.
Sources close to the case stated that a settlement has been reached in which OAO Lukoil agreed to pay $36.7 million to resolve the shareholder lawsuits. Company officials stated that shareholders who owned Chaparral stock on March 13, 2006, will be eligible to apply for part of the settlement fund. [DELAWARE ONLINE: CHAPARREL SHAREHOLDERS]
Published on Jan-28-08
Sources close to the case stated that a settlement has been reached in which OAO Lukoil agreed to pay $36.7 million to resolve the shareholder lawsuits. Company officials stated that shareholders who owned Chaparral stock on March 13, 2006, will be eligible to apply for part of the settlement fund. [
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