MONSEY, N.Y., Oct. 23, 2023 (GLOBE NEWSWIRE) — The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Hess Corporation (NYSE: HES) (“Hess”) to Chevron Corporation (“Chevron”) in an all-stock transaction valued at $171.00 per share.
If you remain a Hess shareholder and have concerns about the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On October 23, 2023, Hess announced that it had agreed to be sold to Chevron in an all-stock transaction valued at $171.00 per share based on Chevron’s closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is $60 billion.
“We are investigating whether the Hess Board of Directors acted in the best interests of Hess shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Hess shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to TipRanks, the average target price for Hess among Wall Street analysts is $178.00 per share, which is above the implied deal price. The highest price target is $210.00 per share.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
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