San Diego, CA -- (SBWIRE) -- 01/29/2014 -- An investor who currently holds shares of KKR Financial Holdings LLC (NYSE:KFN) filed a lawsuit in effort to halt the proposed takeover of KKR Financial Holdings LLC by KKR & Co. L.P. for a value of $12.79 per share.
Investors who purchased shares of KKR Financial Holdings LLC (NYSE:KFN) and currently hold any of those NYSE:KFN shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:KFN stockholders arising out of the attempt to sell KKR Financial Holdings LLC too cheaply via an unfair process to KKR & Co. L.P.
On December 16, 2013, KKR & Co. L.P. (NYSE:KKR) and KKR Financial Holdings LLC (NYSE:KFN) announced the signing of a merger agreement where KKR & Co. L.P. will acquire KKR Financial Holdings LLC through a stock-for-stock merger that values KKR Financial Holdings LLC at $2.6 billion. Under the agreement shareholders of KKR Financial Holdings LLC will receive 0.51 common units of KKR & Co. L.P. for each common share of KKR Financial Holdings LLC. Based on KKR & Co. L.P.'s closing price as of December 16, 2013, the exchange ratio equates to a value of $12.79 per common share of KKR Financial Holdings LLC.
However, the plaintiff alleges that the $12.79-offer is too low and undervalues KKR Financial Holdings LLC. and that the process is unfair to NYSE:KFN investors. NYSE:KFN shares grew from $0.48 per share in early 2009 to as high as $11.42 per share in early 2013.
On January 28, 2014, NYSE:KFN shares closed at $12.23 per share.
Those who are current investors in KKR Financial Holdings LLC shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego