Cases & Deals

Holly Corporation defended against twelve shareholder lawsuits arising out of proposed $7 billion merger-of-equals with Frontier Oil

Client(s) Holly Corporation

Jones Day defended Holly Corporation against twelve shareholder lawsuits filed in state and federal courts in Texas and Wyoming arising out of Holly's proposed $7 billion merger-of-equals with Frontier Oil Corporation. The lawsuits generally alleged that the merger process was unfair, the merger price was too low, and the disclosures about the merger were inadequate. After defeating an effort to enjoin the merger on the eve of the shareholder vote, the consolidated state court cases in Texas were resolved through a disclosure-only settlement on mutually agreeable terms.

In Re Frontier Oil Corp., Cause No. 2011-11451 (Dist. Tex, Harris Cty., 8 consolidated cases); Wilcox v. Frontier Oil Corp., C.A. No. 4-11-CV-00847 (S.D. Tex., 2 consolidated cases); Chiarelli v. Holly Corp. Civil Action No. 3:11-CV-00431-K (N.D. Tex.); Greulich v. Frontier Oil Corp., Civil Action No. 177-697 (1st Judicial District, Laramie Cty, Wyo.)