San Diego, CA -- (SBWIRE) -- 05/07/2012 -- An investor in NYSE:SUN shares filed a lawsuit against directors of Sunoco, Inc in effort to stop the proposed takeover of Sunoco, Inc by Energy Transfer Partners, L.P. at a value of approximately $50.13 per share.
Investors who purchased shares of Sunoco, Inc. (NYSE:SUN) prior to April 30, 2012 and currently hold any of those NYSE:SUN shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:SUN stockholders arising out of the attempt to sell Sunoco, Inc at an unfair price via and unfair process.
On Apr. 30, 2012, Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco, Inc. (NYSE: SUN) announced that they have entered into a merger agreement whereby Energy Transfer Partners will acquire Sunoco in a unit and cash transaction valued at $50.13 per share, which consists of $25 in cash and 0.5245 of an NYSE: ETP common unit, or a total consideration of approximately $5.3 billion, based on ETP’s closing price on April 27, 2012.
However, the plaintiff alleges that $50.13 per NYSE:SUN share undervalues the company and is unfair to NYSE:SUN stockholders. Indeed at least one analyst has set the high target price for NYSE:SUN stocks at $51 per share. Additionally, Sunoco’s financial performance improved over the past recent years. Its annual revenue rose from $29.69billion in 2009 to $46.82billion in 2011.
Furthermore, the plaintiff says that the process is also unfair to NYSE:SUN stockholders. The plaintiff claims that the board of directors has disloyally agreed to deal protection devices, such as a $255million termination fee, which will prevent a superior offer.
Those who are current investors in Sunoco, Inc. (NYSE:SUN) and purchased their Sunoco, Inc. (NYSE:SUN) shares 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