ROCC M&A Deal with BTE Case

Ranger Oil announced a merger with Baytex Energy.
$ROCC shareholders will own approximately 37% of New Co.
Investors suspect that the pricing terms of the $ROCC & $BTE M&A deal are unfair.

on February 28, 2023, Ranger Oil Corporation (NASDAQ: ROCC) announced that it had reached a definitive agreement to merge with Baytex Energy Corp. (TSX, NYSE: BTE) in a transaction involving cash and stock.

As per the terms of the agreement, Ranger shareholders will receive a fixed ratio of 7.49 Baytex shares and $13.31 in cash for every Ranger share.
After the completion of the transaction, which is expected to close in the second quarter of 2023, Baytex shareholders will own roughly 63% of the merged entity, while Ranger shareholders will own approximately 37%.

Investors of Ranger may have reasons to suspect that the pricing terms of the M&A transaction are unfair and that the Company BoD breached fiduciary duties to shareholders.

Case Status

Inactive Investigation

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Malpractice,

Breach of Fiduciary duty,

Omissions

Suspected Party

Directors,

Management,

Shareholder,

Investment Bank,

Service Provider

Security Type

Stocks

Trade Direction

Long

Shock Event Date

02/28/2023