An investigation on behalf of investors of Spectra Energy Corp. (NYSE:SE) in connection with the proposed takeover was announced and NYSE:SE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/14/2016 -- An investigation on behalf of investors, who currently hold shares of Spectra Energy Corp, was announced over the takeover of Spectra Energy Corp. by Enbridge Inc for a value of approximately $40.33 per share.
Investors who purchased shares of Spectra Energy Corp. (NYSE:SE) and currently hold any of those NYSE:SE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Spectra Energy Corp. breached their fiduciary duties owed to NYSE:SE investors in connection with the proposed acquisition.
On September 6, 2016 Enbridge Inc. and Spectra Energy Corp. (NYSE:SE) announced that they have entered into a merger agreement under which Enbridge and Spectra Energy will combine in a stock-for-stock merger transaction, which values Spectra Energy common stock at approximately C$37 billion (US$28 billion), based on the closing price of Enbridge's common shares on September 2, 2016. Under the terms of the Transaction, Spectra Energy Corp. (NYSE:SE) shareholders will receive 0.984 shares of the combined company for each share of Spectra Energy common stock they own. The consideration to be received by Spectra Energy Corp. (NYSE:SE) shareholders is valued at US$40.33 per Spectra Energy share, based on the closing price of Enbridge common shares on September 2, 2016.
However, given that at least one analyst has set the high target price for NYSE:SE shares at $55.00 per share, the investigation concerns whether the offer is unfair to NYSE:SE stockholders. More specifically, the investigation concerns whether the Spectra 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.
On September 13, 2016, shares of Spectra Energy Corp. (NYSE:SE) closed at $41.52 per share.
Those who are current investors in Spectra Energy Corp. 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