Finkelstein Thompson LLP Announces Investigation of PAA Natural Gas Storage, L.P. Buyout
22 Octobre 2013 - 8:56PM
Business Wire
The law firm of Finkelstein Thompson LLP is investigating
potential claims on behalf of unitholders of PAA Natural Gas
Storage, L.P. (NYSE: PNG) (“PNG” or “the Company”), concerning the
Company’s proposed acquisition by Plains All American Pipeline,
L.P. (NYSE: PAA) (“Plains”). Under the terms of the merger
agreement, PNG’s common unitholders will receive 0.445 common units
of Plains per PNG common unit surrendered, plus cash in lieu of any
fractional common units of Plains otherwise issuable. This
represents a value of $23.07 based on Plains’ closing price of
$51.85 on Monday, October 21, 2013. The offer price represents a
0.17% premium to PNG’s closing price of $23.03 on Monday, October
21, 3013. The offer comes in spite of the fact that PNG traded
above the offer price as recently as October 4, 2013. The total
deal is valued at approximately $2 billion.
The investigation is focused on whether PNG’s Board of Directors
breached its fiduciary duty in failing to maximize consideration to
unitholders, the potential unfairness of the consideration to
unitholders, the process by which the Board considered the
transaction, and potential conflicts of interest among the
Company’s Board members.
If you are interested in discussing your rights as a PNG
unitholder, or have information relating to this investigation,
please contact Finkelstein Thompson’s Washington, DC offices at
(877) 337-1050 or (202) 337-8000, or by email at
contact@finkelsteinthompson.com.
Finkelstein Thompson LLP has spent over three decades delivering
outstanding representation to institutional and individual clients
in financial litigation, and has been appointed as lead or
co-counsel in dozens of shareholder class actions. Indeed, the firm
has served in leadership roles in cases that have recovered over $1
billion for investors and consumers.
To learn more about Finkelstein Thompson LLP, please visit our
website at www.finkelsteinthompson.com. Attorney advertising. Prior
results do not guarantee similar outcomes.
Finkelstein Thompson LLPRosalee B. C. Thomas(877) 337-1050
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