An investigation on behalf of investors of Southcross Energy Partners LP (NYSE:SXE) in connection with the proposed takeover was announced and NYSE:SXE unitholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/20/2017 -- An investigation was announced for investors in units of Southcross Energy Partners LP (NYSE:SXE), whether the takeover of Southcross Energy Partners LP by American Midstream Partners, LP.
Investors who purchased units of Southcross Energy Partners LP (NYSE:SXE) 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 Southcross Energy Partners LP breached their fiduciary duties owed to NYSE:SXE investors in connection with the proposed acquisition.
On November 01, 2017, Southcross Energy Partners, L.P. (NYSE:SXE) announced that it has signed an agreement with American Midstream Partners, LP (NYSE:AMID) whereby American Midstream Partners, LP has proposed to merge Southcross Energy Partners LP (NYSE:SXE into a wholly owned subsidiary of American Midstream Partners, LP and that Southcross Holdings, LP (collectively, withSouthcross Energy Partners LP referred to as "Southcross") has entered into a separate agreement with American Midstream Partners, LP whereby American Midstream Partners, LP will acquire certain assets of Southcross Holdings. The two separate transactions are valued in the aggregate at approximately $815 million, including the repayment of net debt. Under the terms of the proposed transaction public unitholders of Southcross Energy Partners LP (NYSE:SXE) will receive 0.160 American Midstream Partners, LP (NYSE:AMID) common units for each SXE common unit in a unit-for-unit merger. Based on a closing price of $13.55 per NYSE:AMID unit on October 31, 2017, NYSE:SXE untiholders will receive a value of approximately $2.17 per NYSE:SXE unit.
However, given that at least one analyst has set the high target price for NYSE:SXE units at $2.75 per unit, the investigation concerns whether the offer is unfair to NYSE:SXE unitholders. More specifically, the investigation concerns whether the Southcross Energy Partners 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 December 19, 2017, Southcross Energy Partners LP (NYSE:SXE) units closed at $1.67 per unit.
Those who are current investors in Southcross Energy Partners LP (NYSE:SXE) 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