NEW YORK, Feb. 7, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of WGL Holdings, Inc. ("WGL" or the "Company") in connection with the proposed acquisition of the Company by Canadian corporation AltaGas Ltd. ("AltaGas"). Under the terms of the agreement, the Company's shareholders will receive $88.25 in cash for each WGL share they own.
WeissLaw is investigating whether WGL's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price represents a mere 12% premium over WGL's closing price prior to announcement of the acquisition. Additionally, the acquisition, which has been unanimously approved by the Board of Directors of the Company, is a strategic transaction which heavily favors the interests of AltaGas and its shareholders at the expense of WGL's shareholders. According to AltaGas's CEO, the transaction "is highly transformational . . . increasing both the scale and breadth of [AltaGas'] quality assets." WGL is a multi-jurisdictional energy company with significant exposure in the midstream sector, and substantial investments in various American pipelines, including pipelines in the Marcellus and Utica basins, which the Canadian corporation hopes will diversify its midstream business. Finally, the acquisition increases AltaGas's market share, solidifying its position as a leading North American energy infrastructure company.
Given these facts, WeissLaw is investigating whether WGL's Board acted in the best interests of WGL's public shareholders to maximize shareholder value prior to entering into the agreement. If you own WGL shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/wgl-holdings-inc/
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SOURCE WeissLaw LLP