An investigation on behalf of investors of Western Refining Logistics LP (NYSE:WNRL) in connection with the proposed takeover was announced and NYSE:WNRL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/30/2017 -- An investigation on behalf of investors in NYSE:WNRL units was announced over the takeover of Western Refining Logistics LP.
Investors who purchased units of Western Refining Logistics LP (NYSE:WNRL) and currently hold any of those NYSE:WNRL units 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 Western Refining Logistics LP breached their fiduciary duties owed to NYSE:WNRL investors in connection with the proposed acquisition.
On Aug. 14, 2017 Andeavor (NYSE:ANDV), Andeavor Logistics LP (NYSE:ANDX) and Western Refining Logistics, LP (NYSE:WNRL) announced the merger of Andeavor Logistics and Western Refining Logistics and the financial repositioning of Andeavor Logistics through a buy-in of Andeavor Logistics' incentive distribution rights ("IDRs"). Andeavor Logistics and WNRL announced a merger agreement whereby Andeavor Logistics will acquire Western Refining Logistics LP (NYSE:WNRL) in a unit-for-unit exchange ("Merger") at a blended exchange ratio of 0.4921, representing an equity value of $1.5 billion based on Andeavor Logistics closing unit price of $48.31 on August 11, 2017. Based on a Andeavor Logistics closing unit price of $48.31 investors in Western Refining Logistics LP (NYSE:WNRL) will receive a value of approximately $23.77 per NYSE:WNRL unit.
However, given that at least one analyst has set the high target price for NYSE:WNRL units at $28.00 per unit, the investigation concerns whether the offer is unfair to NYSE:WNRL unitholders. More specifically, the investigation concerns whether the Western Refining Logistics 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 August 29, 2017, NYSE:WNRL units closed at $24.70 per unit.
Those who are current investors in Western Refining Logistics 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