SAN DIEGO, May 31, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Westar Energy, Inc. (NYSE: WR) breached their fiduciary duties in connection with the proposed sale of the Company to Great Plains Energy Incorporated (NYSE: GXP).
Westar is an electric utility company that generates, transmits and distributes electricity in Kansas.
On May 31, 2016, Westar announced it had signed a definitive merger agreement with Great Plains Energy. Under the terms of the agreement Westar shareholders will receive $60.00 per share of total consideration for each share of Westar common stock, consisting of $51.00 in cash and $9.00 in Great Plains Energy common stock, subject to a 7.5% collar based upon the Great Plains Energy common stock price at the time of the transaction closing.
The investigation concerns whether the Westar 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 Westar shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration.
If you are a shareholder of Westar 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
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SOURCE Johnson & Weaver, LLP