RSP Permian, Inc. (NYSE: RSPP ) Investor Investigation Over Possible Breaches Of Fiduciary Duties In Acquisition Announced

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Company Name(s): 
RSP Permian
Affected Securities: 

An investigation on behalf of investors, who currently hold shares of RSP Permian, Inc. (NYSE: RSPP ), was announced concerning whether the takeover of RSP Permian, Inc. by Concho Resources Inc is unfair to NYSE: RSPP stockholders.

The investigation by a law firm concerns whether certain officers and directors of RSP Permian, Inc. breached their fiduciary duties owed to NYSE: RSPP investors in connection with the proposed acquisition.

Dallas TX based RSP Permian, Inc., an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. On March 28, 2018, Concho Resources Inc. (NYSE: CXO) and RSP Permian, Inc. (NYSE: RSPP) announced they have entered into an agreement under which Concho will acquire RSP Permian, Inc. (NYSE: RSPP) in an all-stock transaction valued at approximately $9.5 billion, inclusive of RSP’s net debt. The consideration will consist of 0.320 shares of Concho common stock or a value of approximately $50.24 for each share of RSP Permian, Inc. (NYSE: RSPP) common stock.

However, given that at least one analyst has set the high price target for NYSE:RSPP shares at $69.00 per share, the investigation concerns whether the offer is unfair to NYSE: RSPP stockholders. More specifically, the investigation concerns whether the RSP Permian Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

RSP Permian, Inc. reported that its annual Total Revenue rose from $353.85 million in 2016 to $803.7 million in 2017 and that its Net Loss of $24.85 million in 2016 turned into a Net Income of $232.13 million in 2017.