Coterra Energy is set to merge with Devon Energy Corporation in an all-stock transaction valuing each Coterra share at 0.70 of a Devon common share. The agreement combines Coterra’s oil and gas assets with Devon’s upstream operations, creating one of the largest independent exploration and production companies in the U.S.

Investor rights firm Halper Sadeh LLC has launched an inquiry into possible breaches of fiduciary duties in the merger agreement. The firm alleges certain provisions may grant insiders disproportionate financial benefits and include deal restrictions designed to deter superior competing bids.

Coterra shareholders are being encouraged to review their legal options, including seeking increased consideration, additional disclosures or other relief. The investigation is offered on a contingent fee basis, eliminating out-of-pocket costs and allowing shareholders to challenge the transaction’s fairness before closing.