An investigation on behalf of investors of SCANA Corporation (NYSE:SCG) in connection with the proposed takeover was announced and NYSE:SCG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/18/2018 -- An investigation was announced for investors in NYSE:SCG shares over the takeover of SCANA Corporation by Dominion Energy, Inc for a value of approximately $55.35 per share.
Investors in shares of SCANA Corporation (NYSE:SCG) 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 directors of SCANA Corporation breached their fiduciary duties owed to NYSE:SCG investors in connection with the proposed acquisition.
On January 3, 2018, Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) announced an agreement for the companies to combine in a stock-for-stock merger in which SCANA shareholders would receive 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock, the equivalent of $55.35 per share, or about $7.9 billion based on Dominion Energy's volume-weighted average stock price of the last 30 trading days ended Jan. 2, 2018. Including assumption of debt, the value of the transaction is approximately $14.6 billion.
However, given that shares of SCANA Corporation (NYSE:SCG) traded as recently as June 2017 as high as $71.22 per share, the investigation concerns whether the offer is unfair to NYSE:SCG stockholders. More specifically, the investigation concerns whether the SCANA 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 January 17, 2018, NYSE:SCG shares closed at $42.53 per share.
Those who are current investors in SCANA Corporation (NYSE:SCG) 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