SAN DIEGO, Nov. 11, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of PNM Resources ("PNM" or the "Company") (NYSE: PNM) breached their fiduciary duties in connection with the proposed sale of the Company to Avangrid, Inc. (NYSE: AGR).
On October 21, 2020, PNM announced that it had entered into a definitive merger agreement with Avangrid. Under the terms of the agreement, PNM stockholders will receive only $50.30 for each share of PNM common stock they own.
The investigation concerns whether the PNM board failed to satisfy its 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 PNM shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth. The 52-week high for PNM was $56.14.
If you are a shareholder of PNM and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, 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 https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP