Buyout of Sunoco -- Shareholder Investigation by Tripp Levy PLLC on Behalf of Sunoco Shareholders
30 Apr, 2012, 09:01 ET
NEW YORK, April 30, 2012 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, is investigating the Senior Management and the Board of Directors of Sunoco, Inc. (NYSE: SUN) for possible breaches of fiduciary duty and other violations of state law. On April 30, 2012, Energy Transfer Partners, L.P. (NYSE: ETP) announced that it has entered into a definitive merger agreement whereby ETP will acquire Sunoco in a unit and cash transaction valued at $50.13 per share. Under the terms of the merger agreement, Sunoco shareholders can elect to receive, for each Sunoco common share they own, either $50.00 in cash, 1.0490 ETP common units or a combination of $25.00 in cash and 0.5245 ETP common units.
The investigation concerns, among other things, whether the consideration to be paid to Sunoco shareholders is unfair, inadequate, and substantially below the fair or inherent value of Sunoco, and whether the senior management of Sunoco are putting their own self-interests ahead of that of the Company's shareholders. Indeed, analysts project Sunoco's true going forward value is in excess of the merger consideration.
If you own common stock in Sunoco and wish to obtain additional information, please contact us at:
Tripp Levy PLLC
Toll free: 877-772-3975
Email: [email protected]
SOURCE Tripp Levy PLLC
Share this article