An investigation on behalf of investors of Oiltanking Partners LP (NYSE:OILT) in connection with the proposed takeover was announced and NYSE:OILT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/18/2014 -- An investigation on behalf of investors, who currently hold shares of Oiltanking Partners LP (NYSE:OILT), was announced concerning whether the takeover of Oiltanking Partners LP by Enterprise Products Partners L.P for a value of approximately $49.05 per share is unfair to NYSE:OILT stockholders.
Investors who purchased shares of Oiltanking Partners LP (NYSE:OILT) and currently hold any of those NYSE:OILT 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 officers and directors of Oiltanking Partners LP breached their fiduciary duties owed to NYSE:OILT investors in connection with the proposed acquisition.
On November 12, 2014, Enterprise Products Partners L.P. (NYSE:EPD) and Oiltanking Partners LP (NYSE:OILT) announced that Enterprise Products Partners L.P. (NYSE:EPD) and Oiltanking Partners LP have entered into a merger agreement. Under the terms of the merger agreement, Oiltanking Partners would merge with a subsidiary of Enterprise Products Partners L.P. (NYSE:EPD) in a unit-for-unit exchange. Unitholders of Oiltanking Partners (other than Enterprise Products Partners L.P. and its subsidiaries) would receive 1.3 Enterprise Products Partners L.P. (NYSE:EPD) common units for each Oiltanking Partners LP common unit. Based on a closing price of $37.73 per NYSE:EPD share on November 11, 2014, shareholders of Oiltanking Partners LP (NYSE:OILT) will receive a value of $49.05 per NYSE:OILT share.
However, given that at least one analyst has set a high target price of $61.00 per NYSE:OILT share and that NYSE:OILT shares traded as recently as September 10, 2014 as highas $53.89 per share, the investigation concerns whether the offer is unfair to NYSE:OILT stockholders.
In addition, given that a subsidiary of Enterprise Products Partners L.P, which will own a sufficient number of Oiltanking Partners common units to approve the merger on behalf of all Oiltanking Partners unitholders, has already executed a support agreement with Oiltanking Partners in which it has irrevocably agreed to consent to the merger, the investigation concerns whether the Oiltanking 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.
Oiltanking Partners LP reported that its annual Total Revenue rose from $116.45 million in 2010 to $210.95 million in 2013 and that its respective Net Income increased from $37.81 million in 2010 to $117.06 million in 2013.
On November 14, 2014, NYSE:OILT shares closed at $48.42 per share.
Those who are current investors in Oiltanking Partners LP (NYSE:OILT) 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