An investigation on behalf of investors of PVR Partners LP (NYSE:PVR) in connection with the proposed takeover was announced and NYSE:PVR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/14/2013 -- An investigation on behalf of investors, who currently hold shares of PVR Partners LP (NYSE:PVR) shares, was announced concerning whether the takeover of PVR Partners LP by Regency Energy Partners LP for $28.68 per NYSE:PVR unit is unfair to NYSE:PVR stockholders.
Investors who purchased shares of the PVR Partners LP (NYSE:PVR) and currently hold any of those NYSE:PVR units have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of PVR Partners LP breached their fiduciary duties owed to NYSE:PVR investors in connection with the proposed acquisition.
October 10, 2013, Regency Energy Partners LP (NYSE: RGP) and PVR Partners LP announced that their respective boards of directors have approved a merger agreement, pursuant to which Regency Energy Partners LP will acquire PVR Partners LP. This acquisition will be a unit-for-unit transaction plus a one-time cash payment to PVR Partners LP unitholders that collectively imply a value today for PVR Partners LP of approximately $5.6 billion, including the assumption of net debt of $1.8 billion. Under the terms of the agreement, holders of PVR Partners LP common units, Class B Units and Special Units will receive 1.020 common units of Regency Energy Partners LP for each PVR Partners LP unit held.
In addition, PVR Partners LPunitholders will receive a one-time cash payment at closing of the merger estimated to be approximately $40 million in the aggregate.
The consideration to be received by PVR Partners LP unitholders is valued at $28.68 per common unit based on Regency’s closing price as of October 9, 2013.
However, given that shares of PVR Partners LP traded as recently as July 19, 2013, as high as $28.93 per share, the investigation concerns whether the $28.68-offer is unfair to NYSE:PVR stockholders.
Furthermore, the investigation concerns whether the PVR 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.
PVR Partners LP reported that its annual Total Revenue rose from $654.70 million in 2009 to over $1 billion in 2012.
Shares of PVR Partners LP (NYSE:PVR) grew from as low as $9.55 per share in March 2009 to as high as $28.93 per share in July 2013.
On Oct. 11, 2103, NYSE:PVR shares closed at $26.30 per share.
Those who are current investors in PVR Partners LP (NYSE:PVR) and purchased their PVR Partners LP units prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego