Roan Resources Inc. was hit with a Delaware lawsuit Dec. 4 seeking corporate records that will allegedly show its planned billion-dollar private equity buyout was tainted by conflicts of interest, including links between Roan’s board and its buyers.
The $1.52-a-share deal would make the Oklahoma energy company—which has seen its market value fall dramatically over the last year—a wholly owned subsidiary of Citizen Energy Operating LLC, backed by Warburg Pincus LLC.
The deal was pushed by a consortium of private equity and hedge funds, their affiliates, and Roan insiders, according to the Chancery Court complaint filed by an individual investor. ...
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