February 15, 2017
In November 2016, Tesoro Corp. of San Antonio announced it would acquire Western Refining, which is headquartered in El Paso, TX. However, since January, shareholders have been challenging the proposed $6.4 billion merger, to the tune of five lawsuits.
The first lawsuit challenge was filed on Jan. 5 in El Paso federal court; the latest one was filed Jan. 19. The lawsuits claim Western Refining officials filed false or misleading information with the U.S. Securities and Exchange Commission about the proposed merger. The lawsuits want to stop the sale until more information to Western shareholders is provided. The lawsuits also claim that the target company is being undervalued in the deal.
Houston lawyer Thomas Bilek filed the lawsuits, and is asking the El Paso federal court to consolidate the five lawsuits into one case.
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