SAN DIEGO, Dec. 9, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Energy Transfer Partners, L.P. (NYSE: ETP) breached their fiduciary duties in connection with the proposed sale of the Company to Sunoco Logistics Partners L.P. Energy Transfer engages in the natural gas midstream and intrastate transportation and storage businesses in the United States.
On November 21, 2016, Energy Transfer announced it had signed a definitive merger agreement with Sunoco. Under the terms of the agreement, Energy Transfer unitholders will receive 1.5 common units of Sunoco Logistics for each common unit of Energy Transfer with an equivalent value of $39.29. At least one Wall Street analyst had set a price target for Energy Transfer units of $55.00.
The investigation concerns whether the Energy Transfer 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 Energy Transfer units. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration.
If you are a shareholder of Energy Transfer and believe the proposed buyout price is too low and you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471.
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