Law Offices of Howard G. Smith Announces Investigation on Behalf of Unitholders of K-Sea Transportation Partners L.P., in Con...
15 Mars 2011 - 1:05AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
K-Sea Transportation Partners L.P. (“K-Sea” or the “Company”)
(NYSE:KSP) related to the Company’s agreement to be acquired by
Kirby Corporation (“Kirby”). The proposed cash-and-stock
transaction is valued at approximately $335 million.
Under the terms of the definitive agreement entered into by the
parties, K-Sea’s common unitholders will have the right to receive
either $8.15 in cash, or a combination of $4.075 in cash plus
0.0734 shares of Kirby common stock, for each K-Sea common unit
they own. The proposed transaction was unanimously approved by
K-Sea’s board of directors. If the transaction is completed, K-Sea
will become a wholly owned subsidiary of Kirby. The transaction is
expected to close in the second or third quarter of 2011. The
investigation concerns possible breaches of fiduciary duty and
other violations of law related to approval of the proposed
transaction by K-Sea’s board of directors.
If you are a shareholder of K-Sea, if you have information or
would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at 215-638-4847, Toll Free at
888-638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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