NEW YORK, June 02, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Alon USA Energy Inc. (“Alon USA” or the “Company”) (NYSE:ALJ) in the United States District Court for the District of Delaware for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) in connection with the proposed merger between Alon USA and Delek US Holdings, Inc. (“Delek”).
On January 3, 2017, Alon USA and Delek jointly announced that it had reached a definitive Agreement and Plan of Merger (“Merger Agreement”) where Delek will acquire the remaining fifty-three percent of Alon’s outstanding common stock not already owned by Delek, constituting an implied enterprise value of $675 million. Alon stockholders will receive 0.504 Delek shares, representing an implied value of $12.13 per share (the “Merger Consideration”).
The Complaint alleges that the Merger Consideration and the process by which Defendants agreed to consummate the Proposed Merger are fundamentally unfair to Alon USA’s public shareholders in view of the Company’s recent financial success and prospects for future growth.
If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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