SAN DIEGO, March 18, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Columbia Pipeline Group, Inc. (NYSE: CPGX) breached their fiduciary duties in connection with the proposed sale of the Company to TransCanada Corporation (NYSE: TRP).
Columbia Pipeline, owns, operates and develops a portfolio of pipelines, storage and related midstream assets.
On March 17, 2016, Columbia Pipeline announced it had signed a definitive merger agreement with TransCanada. Under the terms of the agreement, TransCanada will acquire all of the outstanding shares of common stock of Columbia Pipeline for $25.50 per share in an all cash transaction.
The investigation concerns whether Columbia Pipeline's board failed to satisfy their 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 Columbia Pipeline's shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given one Wall Street analyst has a $29.00 price target on the stock. Columbia Pipeline 52 week high was $33.00.
If you are a shareholder of Columbia Pipeline 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 (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, 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 http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
SOURCE Johnson & Weaver, LLP