SAN DIEGO, Sept. 16, 2019 /PRNewswire/ -- Shareholder
rights law firm Johnson Fistel, LLP has launched an investigation
into whether the board members of SemGroup Corporation (NYSE: SEMG)
("SemGroup") breached their fiduciary duties in connection with the
proposed sale of the Company to Energy Transfer LP.
On September 16, 2019, SemGroup
announced that it had signed a definitive merger agreement with
Energy Transfer LP. Under the terms of the deal, SemGroup
shareholders will receive $6.80 per
share in cash and 0.7275 of an Energy Transfer LP common unit for
each SemGroup share, or approximately 40% cash and 60% equity. The
transaction values SemGroup at $17.00
per share based on Energy Transfer LP September 13, 2019, closing price.
SemGroup shareholders will be subject to the future price
fluctuation of Energy Transfer LP's stock price. Following the
news, in pre-market trading on September 16,
2019, Energy Transfer LP was trading down over 3%.
The investigation concerns whether the SemGroup board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for SemGroup
shares of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
analysts' projections for future revenue growth. The 52-week high
for SemGroup was $23.80.
If you are a shareholder of SemGroup and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at
619-814-4471. If emailing, please include a
phone number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
https://www.johnsonfistel.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP