A lawsuit was filed for investors in shares 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) -- 10/10/2016 -- The Shareholders Foundation announced that an investor who currently holds shares of Spectra Energy Corp. (NYSE:SE), filed a lawsuit in effort to halt the proposed 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 plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:SE stockholders by agreeing to sell Spectra Energy Corp. too cheaply via an unfair process to Enbridge Inc.
On September 6, 2016 Enbridge Inc. (TSX, NYSE:ENB) 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, plaintiff claims that the proposed consideration NYSE:SE shareholders will receive is grossly inadequate and undervalues Spectra Energy Corp. Indeed, at least one analyst has set the high target price for NYSE:SE shares at $55.00 per share. In addition, the plaintiff alleges that the process is also unfair to NYSE:SE stockholder.
On October 7, 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