An investigation on behalf of investors of Atlas Energy LP (NYSE:ATLS) in connection with the proposed takeover was announced and NYSE:ATLS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/22/2014 -- An investigation on behalf of investors, who currently hold shares of Atlas Energy LP (NYSE:ATLS), was announced concerning whether the takeover of Atlas Energy LP is unfair to NYSE:ATLS stockholders.
Investors who purchased shares of Atlas Energy LP (NYSE:ATLS) and currently hold any of those NYSE:ATLS shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Atlas Energy LP breached their fiduciary duties owed to NYSE:ATLS investors in connection with the proposed acquisition.
On October 13, 2014, Atlas Energy LP (NYSE:ATLS) announced along with its midstream subsidiary, Atlas Pipeline Partners, L.P. (NYSE: APL), that both companies have entered into definitive agreements to be acquired by Targa Resources Corp. (NYSE: TRGP) and Targa Resources Partners LP (NYSE: NGLS), respectively, in a transaction valued at approximately $7.7 billion. Under the terms of the proposed transaction each Atlas Energy LP (NYSE:ATLS) common unit will receive $9.12 in cash, 0.1809 of a share of Targa Resources Corp. (NYSE: TRG) common stock, and a pro rata share in 100% of Atlas Energy LP's distributed non-midstream assets.
However, given that at least one analyst has set the high target price for NYSE:ATLS shares at $44 per share, the investigation concerns whether the offer is unfair to NYSE:ATLS stockholders. More specifically, the investigation concerns whether the Atlas Energy Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Atlas Energy LP reported that its annual Total Revenue rose from over $1.52 billion in 2012 to over $2.57 billion in 2013. Shares of Atlas Energy LP (NYSE:ATLS) grew from $4.20 per share in June 2010 to as high as $54.26 per share in September 2013.
On October 20, 2014, NYSE:ATLS shares closed at $40.06 per share
Those who are current investors in Atlas Energy LP (NYSE:ATLS) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com