Brower Piven Announces an Investigation of the Possible Acquisition of K-Sea Transportation Partners L.P. by Kirby Corporation
March 21 2011 - 5:51PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of K-Sea Transportation Partners L.P.
(“K-Sea”) (NYSE: KSP) and other violations of state law by the
Board of Directors of K-Sea relating to the proposed acquisition of
the company by Kirby Corporation (“Kirby”) (NYSE: KEX).
On March 13, 2011, Kirby announced that they have entered into a
definitive merger agreement for K-Sea to be acquired by Kirby. The
transaction is valued at approximately $600 million. Under the
terms of the agreement, K-Sea's common and preferred unitholders
will receive $8.15 per unit in consideration in the form of cash
and Kirby common stock. K-Sea's common unitholders will have the
election to receive for each common unit either $8.15 in cash or
$4.075 in cash and 0.0734 of a share of Kirby common stock. K-Sea's
preferred unitholders will receive for each preferred unit $4.075
in cash and 0.0734 of a share of Kirby common stock. K-Sea's
general partner will receive $8.15 in cash for each general partner
unit and $18 million in cash for its incentive distribution rights.
The closing of the transaction is expected to occur in June or July
2011 and is subject to certain conditions, including approval by
K-Sea's unitholders and the expiration of the required waiting
period under the Hart-Scott-Rodino Act.
If you currently own shares of K-Sea and would like to learn
more about the investigation being conducted by Brower Piven, you
may e-mail or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925
Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and other
class action cases of over 60 years.
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