Holly Corp delivers Notice of Material adverse effect to Frontier Oil in connection with pending merger.

(From Chemical Business NewsBase - Press Release)

Holly Corp announced that pursuant to its merger agreement with Frontier Oil Corp, Holly has formally notified Frontier Oil of Holly's position that the circumstances described below constitute a breach of Frontier Oil's representations and warranties in the Merger Agreement as to the absence of litigation or other circumstances, which could reasonably be expected to have a material adverse effect on Frontier Oil. Under the Merger Agreement, if a breach has occurred and is not timely cured, Holly is not obligated to close the merger and has the right to terminate the merger agreement. At this time, Holly's Board has …