An investigation on behalf of investors of Markwest Energy Partners LP (NYSE:MWE) in connection with the proposed takeover was announced and NYSE:MWE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/29/2015 -- An investigation for investors in NYSE:MWE shares was announced concerning whether the takeover of Markwest Energy Partners LP. by MPLX LP for a value of $78.64 per share is unfair to NYSE:MWE stockholders.
Investors who purchased shares of Markwest Energy Partners LP (NYSE:MWE) and currently hold any of those NYSE:MWE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Markwest Energy Partners LP breached their fiduciary duties owed to NYSE:MWE investors in connection with the proposed acquisition.
On July 13, 2015, MPLX LP (NYSE: MPLX) and Markwest Energy Partners LP (NYSE:MWE) announced they have signed a merger agreement whereby Markwest Energy Partners LP (NYSE:MWE) would become a wholly owned subsidiary of MPLX.
Under the terms of the merger agreement, which was unanimously approved by the boards of directors of the general partners of MPLX and Markwest Energy Partners LP (NYSE:MWE), the common unitholders of MarkWest would receive 1.09 MPLX common units and a one-time cash payment of approximately $3.37 per MarkWest common unit, for total consideration of $78.64 per Markwest Energy Partners LP (NYSE:MWE) common unit, based on fully diluted units currently outstanding and the closing price of MPLX's units on July 10, 2015.
However, given that at least one analyst has set the high target price for NYSE:MWE shares at $86.00 per share and given that NYSE:MWE shares traded during September 2014 as high as $80.09 per share, the investigation concerns whether the offer is unfair to NYSE:MWE stockholders. More specifically, the investigation concerns whether the Markwest Energy 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.
Markwest Energy Partners LP reported that its annual Total Revenue rose from over $1.66 billion in 2013 to over $2.17 billion in 2014 and that its respective Net Income increased from $38.08 million to $133.88 million.
On July 14, 2015, NYSE:MWE shares closed at $64.26 per share.
Those who are current investors in Markwest Energy Partners LP (NYSE:MWE) 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