NEW YORK, Oct. 26, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Piedmont Natural Gas Co. Inc. ("Piedmont" or the "Company") (NYSE: PNY) (ISIN: US7201861058) (CUSIP: 720186105) concerning the proposed acquisition of Piedmont by Duke Energy Corporation.
Piedmont shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at [email protected] or 212-661-1100 or 888-476-6529, ext. 9980.
The investigation concerns whether the Piedmont directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the proposed transaction, Piedmont shareholders will receive $60.00 per share in cash for each share of Piedmont common stock. However, there are indications that management may stay on. Moreover, the EBITDA, and EBIT multiples are below the averages of comparable transactions, according to a Bloomberg analysis.
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212-661-1100 ext. 9980
SOURCE Pomerantz LLP