An investor in shares of TECO Energy, Inc. filed a lawsuit against the takeover of TECO Energy, Inc. unfair.
On September 4, 2015, Emera Inc. and TECO Energy, Inc. (NYSE:TE) announced an agreement for Emera to acquire TECO Energy
Investors who purchased shares of TECO Energy, Inc. (NYSE:TE) and currently hold any of those NYSE:TE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:TE stockholders by agreeing to sell TECO Energy, Inc. too cheaply via an unfair process to Emera Inc.
. Under the terms of the all-cash deal, TECO Energy shareholders will receive US$27.55 per common share.
However, the plaintiff claims that the proposed consideration NYSE:TE shareholders will receive is grossly inadequate and undervalues TECO Energy, Inc. TECO Energy, Inc. reported that its annual Total Revenue rose from over $2.35 billion in 2013 to over $2.56 billion in 2014. In addition, the plaintiff alleges that the process is also unfair to NYSE:TE stockholders
On December 3, 2015, NYSE:TE shares closed at $26.29 per share.
Those who are current investors in TECO Energy, Inc. shares 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