Robbins Umeda LLP Is Investigating Central Vermont Public Service for Shareholders
June 01 2011 - 3:14PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of Central Vermont Public
Service (NYSE:CV). The firm has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by members of the board of directors of Central Vermont in
connection with their efforts to sell the company to Fortis Inc.
(TSX:FTS).
If you own stock in Central Vermont and would like more
information about your shareholder rights, please contact Gregory
E. Del Gaizo at 800-350-6003 or via the shareholder information
form on our website.
On May 30, 2011, Fortis announced it had entered into an
agreement to acquire all outstanding shares of Central Vermont
common stock for $35.10 per share in cash. The transaction is
expected to close within six to twelve months.
The investigation focuses on whether Central Vermont's board is
undertaking a fair process to obtain maximum value and adequately
compensate its shareholders in light of the company's recent
positive performance. On May 5, 2011, Central Vermont reported
first quarter 2011 results twenty-seven cents higher than 2010. In
addition, the merger agreement contains terms that may serve to
deter competitors from making higher offers for Central Vermont
that reflect these recent positive results. For example, the merger
agreement contains a termination fee of $19.5 million, a no
solicitation clause, and a matching rights clause.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. Robbins Umeda LLP has
helped its clients realize more than $1 billion of value for
themselves and the companies in which they have invested. For more
information, please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/cvps/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Central Vermont Public Service (NYSE:CV)
Historical Stock Chart
From Sep 2024 to Oct 2024
Central Vermont Public Service (NYSE:CV)
Historical Stock Chart
From Oct 2023 to Oct 2024