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HOLLYFRONTIER MERGER INVESTIGATION: HALPER SADEH LLP ANNOUNCES INVESTIGATION INTO WHETHER THE MERGER OF HOLLYFRONTIER CORPORATION IS FAIR TO SHAREHOLDERS; INVESTORS ARE ENCOURAGED TO CONTACT THE FIRM – HFC
August 3, 2021.
New York, New York—Halper Sadeh LLP, a global investor rights law firm, is investigating whether the acquisition of Sinclair Oil Corporation and Sinclair Transportation Company by HollyFrontier Corporation (NYSE: HFC) and Holly Energy Partners, L.P. is fair to HollyFrontier shareholders.
As part of the transaction, HollyFrontier will form a new parent company, named “HF Sinclair Corporation” (“HF Sinclair”), which will replace HollyFrontier as the public company trading on the NYSE. At the closing, existing shares of HollyFrontier will automatically convert on a one-for-one basis into shares of common stock of HF Sinclair, and HF Sinclair will issue approximately 60.2 million shares of common stock to The Sinclair Companies, representing 26.75% of the pro forma equity of HF Sinclair.
The investigation concerns whether HollyFrontier and its board violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for HollyFrontier shareholders; and (2) disclose all material information necessary for HollyFrontier shareholders to adequately assess and value the merger consideration. On behalf of HollyFrontier shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.
Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
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