An investigation on behalf of investors of Cleco Corporation (NYSE:CNL) in connection with the proposed takeover was announced and NYSE:CNL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/27/2014 -- An investigation on behalf of investors, who currently hold shares of Cleco Corporation (NYSE:CNL), was announced concerning whether the takeover of Cleco Corp. for $55.37 per share is unfair to NYSE:CNL stockholders.
Investors who purchased shares of Cleco Corporation (NYSE:CNL) and currently hold any of those NYSE:CNL shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Cleco Corporation breached their fiduciary duties owed to NYSE:CNL investors in connection with the proposed acquisition.
On October 20, 2014 Cleco Corporation (NYSE: CNL) announced that it has entered into an agreement to be acquired by a group of North American long-term infrastructure investors led by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC), together with John Hancock Financial and other infrastructure investors (collectively, "investor group"). The agreement values Cleco at approximately $4.7 billion, including approximately $1.3 billion of assumed debt. Under the terms of the agreement, the new owners will acquire all outstanding shares of Cleco Corporation for $55.37 per share in cash.
However, given that NYSE:CNL shares traded as recently as high as $58.68 per share in June 2014, the investigation concerns whether the offer is unfair to NYSE:CNL stockholders. More specifically, the investigation concerns whether the Cleco 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.
Cleco Corporation reported that its annual Total Revenue rose from $944.17 million in 2012 to over $1.04 billion in 2013. Shares of Cleco Corporation (NYSE:CNL) grew from $39.26 per share in November 2012 to as high as $58.68 per share in June 2014.
On October 23, 2014, NYSE:CNL shares closed at $53.27 per share.
Those who are current investors in Cleco Corporation shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego