Robbins Arroyo LLP: Acquisition of Energy Transfer Partners, L.P. (ETP) by Sunoco Logistics Partners L.P. (SXL) May Not Be in...
November 21 2016 - 7:48PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Energy Transfer Partners,
L.P. (NYSE: ETP) by Sunoco Logistics Partners L.P. (NYSE: SXL). On
November 21, 2016, the two companies announced the signing of a
definitive merger agreement pursuant to which Sunoco Logistics will
acquire Energy Transfer. Under the terms of the agreement, Energy
Transfer unitholders will receive 1.5 common units of Sunoco
Logistics for each common unit of Energy Transfer with an
equivalent value of $39.29.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/energy-transfer-partners-l-p
Is the Proposed Acquisition Best for Energy Transfer and Its
Unitholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Energy Transfer is undertaking a fair process to
obtain maximum value and adequately compensate its unitholders.
As an initial matter, the $39.29 merger consideration represents
a discounted premium of -0.20% based on Energy Transfer's closing
price on November 18, 2016. This premium is significantly below the
average one day premium of nearly 10.87% for comparable
transactions within the past year. Further, the $39.29 merger
consideration is significantly below the target prices set by
seventeen analyst firms prior to the deal announcement, including
the target price of $55.00 set by an analyst at Tudor Pickering
& Co. on April 19, 2016; the target price of $50.00 set by an
analyst at Credit Suisse on November 14, 2016; and the target price
of $50.00 set by an analyst at Stephens Inc. on September 28, 2016.
In the last three years, Energy Transfer traded as high as $69.66
on November 18, 2014, and most recently traded above the merger
consideration – at $40.36 – on September 9, 2016.
Energy Transfer unitholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for unitholders and the disclosure of material
information. Energy Transfer unitholders interested in information
about their rights and potential remedies can contact attorney
Darnell R. Donahue at 800-350-6003, ddonahue@robbinsarroyo.com, or
via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20161121006270/en/
Robbins Arroyo LLPDarnell R.
Donahueddonahue@robbinsarroyo.com619-525-3990 or Toll Free
800-350-6003www.robbinsarroyo.com
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