Parallel Faces Lawsuit

摘要

Parallel Petroleum faces a class action lawsuit from some of its shareholders who claim that Apollo Management is not paying enough to acquire the company. Parallel recently agreed to let Apollo buy the firm out for $483 million (OD Sep.16,p1).Under the terms of the deal, shareholders are to receive $3.15 per share, an 11% premium over the stock's closing price prior to the day of the announcement.