Denbury Inc.

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Ademi LLP is investigating Denbury (NYSE: DEN) for possible breaches of fiduciary duty and other violations of law in its private placement and its transaction with ExxonMobil.

In the transaction, Denbury shareholders will receive only 0.84 shares of ExxonMobil for each Denbury share or $89.45 per share based on ExxonMobil’s closing price on July 12, 2023 in an all-stock transaction valued at $4.9 billion. The transaction agreement unreasonably limits competing bids for Denbury by imposing a significant penalty if Denbury accepts a superior bid. Denbury insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Denbury’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.