An investigation on behalf of investors of Rose Rock Midstream LP (NYSE:RRMS) in connection with the proposed takeover was announced and NYSE:RRMS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/09/2016 -- The takeover of Rose Rock Midstream LP is under investigation concerning potential wrongdoing. The investigation was announced for investors, who currently hold NYSE:RRMS shares, was announced over whether the takeover of Rose Rock Midstream LP. by SemGroup Corporation for a value of approximately $24.00 per share is unfair.
Investors who purchased shares of Rose Rock Midstream LP (NYSE:RRMS) and currently hold any of those NYSE:RRMS 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 directors of Rose Rock Midstream LP breached their fiduciary duties owed to NYSE:RRMS investors in connection with the proposed acquisition.
On May 31, 2016, SemGroup Corporation (NYSE:SEMG) and Rose Rock Midstream LP (NYSE:RRMS) announced an agreement under which SemGroup will acquire all of the outstanding common units of Rose Rock not already owned by SemGroup in an all stock-for-unit transaction at a ratio of 0.8136 SemGroup common shares per Rose Rock common unit, or at a the value of which is equivalent to $24.00 per unit of Rose Rock Midstream LP (NYSE:RRMS).
However, given that at least one analyst has set the high target price for NYSE:RRMS shares at $32.00 per share and given that NYSE:RRMS shares rose to $28.84 per share in the open market on June 7, 2016, the investigation concerns whether the offer is unfair to NYSE:RRMS stockholders. More specifically, the investigation concerns whether the Rose Rock Midstream 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.
On June 7, 2016, NYSE:RRMS shares closed at $28.40 per share.
Those who are current investors in Rose Rock Midstream LP 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