BOSTON, Dec. 16, 2013 /PRNewswire/ -- Block &
Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, has commenced an investigation into possible breaches
of fiduciary duty by the Board of Directors of KKR Financial
Holdings LLC ("KKR Financial" or the "Company") (NYSE: KFN)
concerning the proposed merger of the Company with Kohlberg Kravis
Roberts & Co. L.P. ("KKR & Co.") (NYSE: KKR) in
an all-stock transaction. The investigation is also evaluating
whether KKR & Co. aided and abetted such breaches of fiduciary
duty.
Under the terms of the proposed transaction, the Company's
shareholders will receive 0.51 KKR & Co. shares for each of the
Company's shares they own. The total value for the Company is
estimated at approximately $2.6
billion. The Company was spun off by KKR & Co.
approximately 9 years ago, and several members of management of KKR
& Co. and the Company have significant longstanding ties to one
another. KKR & Co. already manages the Company's assets, and by
assuming total control of the Company, KKR & Co. expects to
immediately increase its book value, to the possible detriment of
the Company's shareholders. Neither party has publicly commented as
to whether the price to the Company's shareholders is subject to a
price collar protecting the Company's investor's interests from a
decline in KKR & Co.'s stock price following the announcement
of the proposed merger.
Block & Leviton's investigation seeks to determine, among
other things, whether the Company's Directors breached their
fiduciary duties by failing to maximize shareholder value in the
proposed merger with KKR & Co. and the overall fairness of the
process by which the Company's Directors considered and approved
the transaction.
If you are a shareholder of KKR Financial and have questions
about your legal rights, or if you have information relevant to
this investigation, please contact attorney Steven P. Harte, at (617) 398-5600 or email him
at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors
nationwide for violations of securities laws. The firm's lawyers
have collectively been prosecuting securities cases on behalf of
investors for over 50 years. This notice may constitute attorney
advertising.
Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
steven@blockesq.com
(617) 398-5600
SOURCE Block & Leviton LLP