SAN DIEGO, Dec. 9, 2016
/PRNewswire/ -- Shareholder rights law firm Johnson &
Weaver, LLP has launched an investigation into whether the board
members of Energy Transfer Partners, L.P. (NYSE: ETP) breached
their fiduciary duties in connection with the proposed sale of the
Company to Sunoco Logistics Partners L.P. Energy Transfer engages
in the natural gas midstream and intrastate transportation and
storage businesses in the United
States.
On November 21, 2016, Energy
Transfer announced it had signed a definitive merger agreement with
Sunoco. 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. At least one Wall Street
analyst had set a price target for Energy Transfer units of
$55.00.
The investigation concerns whether the Energy Transfer board
failed to satisfy their duties to the Company shareholders,
including whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for Energy Transfer units. Nationally recognized Johnson &
Weaver is investigating whether the proposed deal price represents
adequate consideration.
If you are a shareholder of Energy Transfer and believe the
proposed buyout price is too low and you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonandweaver.com) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP