Robbins Umeda LLP Is Investigating K-Sea Transportation Partners L.P. Acquisition for Unitholders
14 Mars 2011 - 11:04PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
investigating possible breaches of fiduciary duty and other
violations of state law by members of the board of directors of
K-Sea Transportation Partners L.P. (NYSE: KSP) in connection with
their efforts to sell K-Sea to Kirby Corporation (NYSE: KEX).
If you own units in K-Sea and would like more information about
your rights as a unitholder, please contact attorney Gregory E. Del
Gaizo at 800-350-6003 or by e-mail at info@robbinsumeda.com.
On March 14, 2011, K-Sea announced it had entered into a
definitive merger agreement with Kirby. Under the terms of the
current agreement, K-Sea's common unitholders will have the right
to elect to receive either: (a) $8.15 in cash; or (b) $4.075 in
cash plus 0.0734 of a share of Kirby's common stock for each common
unit. The transaction is expected to close in the second or third
quarter of 2011.
The investigation seeks to determine whether K-Sea's board of
directors is undertaking a fair process to obtain maximum value for
its unitholders. In connection with this transaction, KA First
Reserve, LLC and certain affiliates of Jeffries Capital Partners
have entered into support agreements pursuant to which they have
agreed to vote their K-Sea units in favor of the merger. These
entities currently hold all of K-Sea's outstanding preferred units
and approximately 59.9% of its outstanding common units, which is a
sufficient number of units to approve the merger. Moreover, the
K-Sea management team will continue to run the day-to-day
operations of the coastwise tank barge business after completion of
the transaction.
Robbins Umeda LLP represents individual and institutional
shareholders and unitholders in derivative, direct, and class
action lawsuits. The law firm's skilled litigation teams include
former federal prosecutors, former defense counsel from top
multinational corporate law firms, and career shareholder rights
attorneys. Robbins Umeda LLP has helped its clients realize more
than $1 billion of value for themselves and the companies in which
they have invested. For more information, please go to
http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/k-sea-transportation-partners-lp/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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