A lawsuit was filed for investors in units of Energy Transfer Partners LP (NYSE:ETP) in connection with the proposed takeover and NYSE:ETP unitholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/10/2017 -- The Shareholders Foundation announces that an investor, who currently holds units of Energy Transfer Partners LP (NYSE:ETP), filed a lawsuit against the buyout of Energy Transfer Partners LP by Sunoco Logistics Partners.
Investors who purchased units of Energy Transfer Partners LP (NYSE:ETP) and currently hold any of those NYSE:ETP units have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:ETP unitholders by agreeing to sell Energy Transfer Partners LP too cheaply via an unfair process to Sunoco Logistics Partners L.P
On November 21, 2016, Sunoco Logistics Partners L.P.(NYSE: SXL) and Energy Transfer Partners LP (NYSE:ETP) announced that they have entered into a merger agreement providing for the acquisition of ETP by Sunoco Logistics Partners in a unit-for-unit transaction. Under the terms of the agreement, Energy Transfer Partners LP (NYSE:ETP) unitholders will receive 1.5 common units of Sunoco Logistics Partners for each common unit of Energy Transfer Partners LP (NYSE:ETP) with an equivalent value of $39.29per unit.
However, plaintiff claims that the proposed consideration NYSE:ETP shareholders will receive is grossly inadequate and undervalues Energy Transfer Partners LP. Indeed, at least one analyst had set a high price target for Energy Transfer Partners LP (NYSE:ETP) at $55.00. The complaint also alleges that the Form S-4 Registration Statement, the prospectus, and proxy statement filed with the SEC provides materially incomplete and misleading information regarding ETP and the proposed merger, in violation of the Exchange Act. In addition, the plaintiff alleges that the process is also unfair NYSE:ETP unitholders
On December 13, 2016, Energy Transfer Partners LP (NYSE:ETP) units closed at $34.50 per unit.
Those who are current investors in Energy Transfer Partners LP units 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