Devon Energy is supplementing its merger proxy statement with Coterra Energy to address stockholder lawsuits and demand letters alleging disclosure deficiencies. The filing provides updated Evercore financial analyses, including implied equity value ranges for Devon of $37.50–$54.97 and $38.02–$48.04, and for Coterra of $25.04–$37.39 and $25.16–$34.27. It also notes an implied exchange ratio range of 0.567x to 0.943x based on research analyst price targets.
