San Diego, CA -- (SBWIRE) -- 05/12/2014 -- An investor who currently holds shares of Susser Holdings Corporation (NYSE:SUSS) filed a lawsuit in effort to halt the takeover of Susser Holdings Corporation by Energy Transfer Partners, L.P.
Investors who purchased shares of Susser Holdings Corporation (NYSE:SUSS) and currently hold any of those NYSE:SUSS shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:SUSS stockholders by agreeing to sell Susser Holdings Corporation too cheaply via an unfair process to Energy Transfer Partners, L.P.
On April 28, 2014, Energy Transfer Partners, L.P. announced that it has entered into a merger agreement whereby Energy Transfer Partners, L.P. plans to acquire Susser Holdings Corporation (NYSE:SUSS) in a unit and cash transaction valued at a total consideration of approximately $1.8 billion. Under the terms of the merger agreement the shareholders of Susser Holdings Corporation (NYSE:SUSS) will have the option to elect to receive either $80.25 in cash or 1.4506 ETP common units, or a combination of both, for each NYSE:SUSS share held.
However, the plaintiff claims that the offer is too low and undervalues Susser Holdings Corporation. Indeed, Susser Holdings Corporation’s performance improved lately. For instance, Susser Holdings Corporation reported that its Total Revenue rose from over $3.93 billion for the 52 weeks period that ended on Jan. 2, 2011 to over $6.21 billion for the 12 months period that ended on Dec. 29, 2013. Shares of Susser Holdings Corporation (NYSE:SUSS) grew from $8.38 per share in early 2010 to as high as $67.78 per share in March 2014.
In addition the plaintiff alleges that the process is also unfair to NYSE:SUSS stockholders. Indeed, Energy Transfer Partners, L.P. has already entered into a support agreement with shareholders representing 10% of the outstanding Susser Holdings’ shares, pursuant to which such shareholders have agreed to vote their shares in favor of the merger.
On May 8 2014, NYSE:SUSS shares reached $78.98 per share.
Those who are current investors in Susser Holdings Corporation (NYSE:SUSS) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego