An investigation on behalf of investors of Columbia Pipeline Partners LP (NYSE:CPPL) in connection with the proposed takeover was announced and NYSE:CPPL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/07/2016 -- An investigation on behalf of investors, who currently hold units of Columbia Pipeline Partners LP (NYSE:CPPL), was announced concerning whether the takeover of Columbia Pipeline Partners LP by Columbia Pipeline Group, Inc for $15.75 per NYSE:CPPL unit is unfair to NYSE:CPPL stockholders.
Investors who purchased shares of Columbia Pipeline Partners LP (NYSE:CPPL) and currently hold any of those NYSE:CPPL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Columbia Pipeline Partners LP breached their fiduciary duties owed to NYSE:CPPL investors in connection with the proposed acquisition.
On September 26, 2016, Columbia Pipeline Partners LP (NYSE:CPPL) announced that it is in receipt of an offer from Columbia Pipeline Group, Inc. to acquire, for cash, all of the 53,843,466 outstanding common units of the Partnership, at a price of US$15.75 per common unit. Columbia is a wholly-owned subsidiary of TransCanada Corporation (TSX:TRP) (NYSE:TRP).
However, given that at least one analyst has set the high price for NYSE:CPPL shares at $22.00 per share and given that NYSE:CPPL shares reached as high as $28.02 per share in April 2015, the investigation concerns whether the offer is unfair to NYSE:CPPL stockholders. More specifically, the investigation concerns whether the Columbia Pipeline 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.
Shares of Columbia Pipeline Partners LP (NYSE:CPPL) closed on October 6, 2016 at $16.16 per share.
Those who are current investors in Columbia Pipeline Partners LP units 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