Briscoe Law Firm Investigates Constellation Energy Group, Inc. for Shareholders Concerning Acquisition by Exelon Corporation
April 29 2011 - 9:54AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Constellation Energy Group, Inc.
(“Constellation Energy” or “CEG”) (NYSE: CEG) related to the
proposed buyout of Constellation Energy by Exelon Corporation.
The definitive merger agreement, which was announced on April
28, 2011, involves a stock-for-stock transaction valued at
approximately $7.9 billion. Under the proposed buyout,
Constellation Energy shareholders will receive a fixed ratio of
0.930 shares of Exelon Corporation common stock for each share of
Constellation Energy common stock they hold.
The firms are investigating the fairness of the proposed
transaction to Constellation Energy shareholders and whether
Constellation Energy’s Board of Directors acted in the
shareholders’ best interests. Based on Exelon Corporation’s closing
price the day prior to the merger announcement, the acquisition
price represents a value of approximately $38.59 per share to
Constellation Energy shareholders. Although the acquisition price
represents a 12.5% premium above the closing price of Constellation
Energy shares prior to the announcement, the company recently
reported a book value of $39.19 per share. Based on these and other
factors, the firms are investigating whether the price offered to
Constellation Energy shareholders is adequate. The firms are also
investigating whether Constellation Energy’s Board of Directors
considered all viable alternatives and properly shopped the company
before entering into the acquisition agreement.
If you currently own shares of Constellation Energy/CEG and
would like additional information regarding this investigation, or
if you have information regarding the allegations involved in this
transaction, please contact Patrick Powers at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters
nationwide, including claims of investor and stockholder fraud,
shareholder oppression, shareholder derivative suits, and security
class actions.
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