An investor, who currently holds NYSE:ETP units, filed a lawsuit against the proposed takeover of Energy Transfer Partners LP by Sunoco Logistics Partners.
Investors who purchased units of Energy Transfer Partners LP (NYSE:ETP) and currently hold any of those NYSE:ETP units 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:ETP unitholders by agreeing to sell Energy Transfer Partners LP too cheaply via an unfair process to Sunoco Logistics Partners L.P
On November 21, 2016, Sunoco Logistics Partners L.P.(NYSE: SXL) and Energy Transfer Partners LP (NYSE:ETP) announced that they have entered into a merger agreement providing for the acquisition of ETP by Sunoco Logistics Partners in a unit-for-unit transaction. Under the terms of the agreement, Energy Transfer Partners LP (NYSE:ETP) unitholders will receive 1.5 common units of Sunoco Logistics Partners for each common unit of Energy Transfer Partners LP (NYSE:ETP) with an equivalent value of $39.29per unit.
However, plaintiff claims that the proposed consideration NYSE:ETP shareholders will receive is grossly inadequate and undervalues Energy Transfer Partners LP. Indeed, at least one analyst had set a high price target for Energy Transfer Partners LP (NYSE:ETP) at $55.00. The complaint also alleges that the Form S-4 Registration Statement, the prospectus, and proxy statement filed with the SEC provides materially incomplete and misleading information regarding ETP and the proposed merger, in violation of the Exchange Act. In addition, the plaintiff alleges that the process is also unfair NYSE:ETP unitholders
Those who are current investors in NYSE:ETP units have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego