NYSE:ANDX Investor Alert: Investigation over Possible Wrongdoing in Acquisition of Andeavor Logistics LP
San Diego, CA -- (SBWire) -- 05/13/2019 --An investigation was announced concerning the takeover of Andeavor Logistics LP.
Investors who purchased units of Andeavor Logistics LP (NYSE: ANDX) and currently hold any of those NYSE: ANDX units have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Andeavor Logistics LP breached their fiduciary duties owed to NYSE: ANDX investors in connection with the proposed acquisition.
Findlay, OH based Andeavor Logistics LP operates as a diversified midstream company in the United States. On May 8, 2019, Marathon Petroleum Corporation (NYSE: MPC), MPLX LP (NYSE: MPLX), and Andeavor Logistics LP (NYSE: ANDX) announced that the two midstream companies have entered into a definitive merger agreement whereby MPLX will acquire Andeavor Logistics LP (NYSE: ANDX) in a unit-for-unit transaction at a blended exchange ratio of 1.07x. Under the terms of the merger agreement, ANDX public unitholders will receive 1.135x MPLX LP (NYSE: MPLX) common units for each Andeavor Logistics LP (NYSE: ANDX) common unit held. Based on a closing price of $31.53 per NYSE: MPLX investors in NYSE:ANDX will receive a value of apoprixmately $35.78 per NYSE: ANDX unit they hold.
However, given that at least one analyst has set the high target price for NYSE: ANDX units at $42.00 per unit and that NYSE: ANDX units traded in the open market as recently as September 2018 as high at $50.82 per unit, the investigation concerns whether the offer is unfair to Andeavor Logistics LP (NYSE: ANDX stockholders.
In addition, given that as part of the transaction, Andeavor Logistics' General Partner and an Marathon Petroleum Corporation subsidiary, together representing approximately 64% of ANDX's common units, have already entered into a support agreement pursuant to which those entities have agreed to deliver written consents approving the transaction, the investigation concerns whether the NYSE: ANDX 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.
Those who are current investors in Andeavor Logistics LP (NYSE: ANDX) units have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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