The Law Offices of Brad Wertheimer Investigates Claims That the Proposed Acquisition May Not Be in the Best Interest of Investors of Cleco Corp.
PHILADELPHIA, Oct. 21, 2014 /PRNewswire/ -- The Law Offices of Brad Wertheimer is investigating claims on behalf of investors in Cleco Corporation (NYSE: CNL), concerning the proposed acquisition of Cleco by a group of investors led by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC), together with John Hancock Financial and other infrastructure investors (collectively, "investor group"). Cleco shareholders seeking more information about this acquisition are advised to contact Kenneth Cooper at 267.687.2720 or [email protected].
The investigation concerns whether the Cleco directors are breaching their fiduciary duties by failing to adequately maximize shareholder value. Under the terms of the agreement, the investor group will acquire all outstanding shares of Cleco for $55.37 per share in an all cash transaction valued at $4.7 billion, including approximately $1.3 billion of assumed debt. However, the offer price is below the stock's 52-week high of $58.95 and at least one analyst price target of $58.00.
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Law Offices of Brad Wertheimer
1014 South Eight Street
Philadelphia, PA 19147
Tel: 267.687.2720
Email: [email protected]
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SOURCE Law Offices of Brad Wertheimer
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