NEW YORK, Dec. 12, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Energy Transfer
Partners, L.P. ("ETP" or the "Company") in connection with the
proposed acquisition of the Company by Sunoco Logistics Partners,
L.P. ("Sunoco"). On November 21,
2016, the Company announced that it had reached a definitive
agreement for Sunoco to acquire ETP in a unit-for-unit
transaction. Under the terms of the agreement, the Company's
unitholders will receive 1.5 common units of Sunoco for each unit
of ETP they hold; representing consideration of $35.57 based on Sunoco's December 8 closing price.
WeissLaw is investigating whether ETP's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $50.00 per unit, or approximately $15.00 above the consideration. In
addition, the consideration is also $8.13 lower than ETP's 52-week high of
$43.50. Lastly, according to
Seeking Alpha, the meagre 10% premium offered to ETP
unitholders will be mostly wiped out, expecting a "distribution
reduction of around 28%, from ~$4.22
to ~3.06 per unit" which, given its new guidance, will take Sunoco
many years to recover.
Given these facts, WeissLaw is investigating whether ETP's Board
acted in the best interests of ETP's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own ETP shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/energy-transfer-partners-l-p/
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SOURCE WeissLaw LLP