A lawsuit was filed for investors in shares of AGL Resources Inc. (NYSE:GAS) in connection with the proposed takeover was announced and NYSE:GAS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/13/2015 -- A shareholder in shares of AGL Resources Inc. filed a lawsuit in effort to halt the proposed takeover of AGL Resources Inc. by Southern Company for $66 per share is unfair.
Investors who purchased shares of AGL Resources Inc. (NYSE:GAS) and currently hold any of those NYSE:GAS shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:GAS stockholders by agreeing to sell AGL Resources Inc. too cheaply via an unfair process to Southern Company.
On August 24, 2015, Southern Company and AGL Resources Inc. (NYSE:GAS) announced that the boards of directors of both companies have approved a definitive merger agreement. Under the terms of the agreement, AGL Resources' shareholders will be entitled to receive $66 in cash for each share of AGL Resources common stock.
However, the plaintiff claims that the proposed consideration NYSE:GAS shareholders will receive is grossly inadequate and undervalues AGL Resources Inc. AGL Resources Inc. reported that its annual Total Revenue rose from over $2.33 billion in 2011 to over $5.38 billion in 2014 and that its respective Net Income increased from $172.00 million to $482.00 million. Shares of AGL Resources Inc. (NYSE:GAS) grew from $36.94 per share in June 2012 to as high as $57.51 per share in January 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:GAS stockholders.
On October 12, 2015, NYSE:GAS shares closed at $62.02 per share.
Those who are current investors in NYSE:GAS shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego