San Diego, CA -- (SBWIRE) -- 12/10/2014 -- An investor, who currently holds shares of Atlas Pipeline Partners, L.P. (NYSE:APL), filed a lawsuit in effort to halt the proposed takeover of Atlas Pipeline Partners, L.P. by Targa Resources Partners L.P for a value of $38.66 per share.

Investors who purchased shares of Atlas Pipeline Partners, L.P. (NYSE:APL) and currently hold any of those NYSE:APL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:APL stockholders by agreeing to sell Atlas Pipeline Partners, L.P. too cheaply via an unfair process to Targa Resources Partners L.P. .

On October 13, 2014 Atlas Pipeline Partners, L.P. (NYSE: APL) announced that Atlas Pipeline Partners, L.P. has entered into an agreement to be acquired by Targa Resources Partners L.P. (NYSE: NGLS) in a transaction valuing Atlas Pipeline Partners, L.P. (NYSE:APL) at $7.7 billion, including debt and general partner interests. Under the terms of the proposed transaction Atlas Pipeline Partners, L.P. (NYSE:APL) shareholders will receive consideration valued at $38.66 per unit in total, a 15% premium to Atlas Pipeline's closing unit price on October 10, 2014.Atlas Pipeline Partners, L.P. said that Atlas Pipeline Partners, L.P. (NYSE:APL) unitholders will receive a fixed ratio of 0.5846 units of Targa Resources Partners L.P. (NYSE: NGLS) and $1.26 in cash for each outstanding Atlas Pipeline Partners, L.P. (NYSE:APL) common unit.

However, the plaintiff claims that the offer is too low and undervalues Atlas Pipeline Partners, L.P. Indeed, at least one analyst has set the high target price for NYSE:APL units at $42.00 per share. In addition, Atlas Pipeline Partners, L.P. reported that its annual Total Revenue rose from over $1.24 billion in 2012 to over $2.1 billion in 2013. Shares of Atlas Pipeline Partners, L.P. (NYSE:APL) grew from $6.81 per share in November 2009 to as high as $39.75 per share in July 2013. Furthermore, the plaintiff claims that the process is also unfair to NYSE:APL stockholders.

On December 8, 2014, NYSE:APL shares closed at $26.97 per share.

Those who are current investors in Atlas Pipeline Partners, L.P. (NYSE:APL) 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