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IN RE PENNACO ENERGY, INC.

Civil Action No. 18606.

787 A.2d 691 (2001)

In re PENNACO ENERGY, INC. Shareholders Litigation

Court of Chancery of Delaware, New Castle County.

Decided: February 5, 2001.

Attorney(s) appearing for the Case

Norman M. Monhait, of Rosenthal, Monhait, Gross & Goddess, Wilmington, Delaware, Delaware Liaison for Plaintiffs; Jonathan M. Plasse, of Goodkind Labaton Rudoff & Sucharow, New York, New York; Shane T. Rowley, Faruqui & Faruqui, New York, New York, Plaintiffs' CoLead Counsel.

James L. Holzman, Bruce E. Jameson, and William M. Kelleher, of Prickett, Jones & Elliott, Wilmington, Delaware; Charles W. Schwartz, Max Hendrick, III, and Kelley M. Keller, of Vinson & Elkins, Houston, Texas, for Defendants Pennaco Energy, Inc., Paul M. Rady, Glen C. Warren, Jr., Gregory V. Gibson, David W. Lanza, and Kurt M. Petersen, of counsel.

Charles F. Richards, Jr., J. Travis Laster, and Andrea K. Short, of Richards, Layton & Finger, Wilmington, Delaware; James Edward Maloney, of Baker Botts, Houston, Texas, for Defendant Marathon Oil Acquisition 1, Ltd., of counsel.

OPINION

STRINE, Vice Chancellor.

Shareholder plaintiffs seek a preliminary injunction against the February 5, 2001 closing of a tender offer by an acquisition subsidiary of Marathon Oil ("Marathon") for all the shares of Pennaco Energy, Inc. ("Pennaco"). The tender offer price is $19 per share and Marathon intends to consummate a back-end merger at the same price to cash-out any shares it does not acquire. The offer price is at a substantial premium to Pennaco...

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