NEW YORK, July 27, 2020 /PRNewswire/ --
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of CNX Midstream Partners LP ("CNXM" or the "Company") (NYSE: CNXM) in connection with the proposed interested-party acquisition of the Company by CNX Resources Corporation ("CNX") (NYSE: CNX), pursuant to which CNX will acquire all of the minority common units of CNXM that it does not already own. Under the terms of the acquisition agreement, CNXM unitholders will receive 0.88 shares of CNX common stock for each CNXM common unit that they own, representing implied per-unit merger consideration of a mere $8.47 based upon CNX's July 24, 2020 closing price of $9.62.
If you own CNXM shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
In light of the fact that CNX already controls 53.1% of CNXM's common units, WeissLaw is investigating whether CNXM's board was truly independent and fully informed as to the valuation of the proposed acquisition of the Company, whether the board acted to maximize shareholder value prior to entering into the acquisition agreement, and whether all information regarding the valuation of the deal will be fully and fairly disclosed to CNXM unitholders. Notably, (i) CNXM's unitholders are receiving a paltry 15% premium to the average exchange ratio during the 30 trading days ended July 24, 2020, (ii) CNXM traded as high as $12.86 per unit as recently as April, and (iii) at least one analyst set a target price of $9.00 per CNXM unit.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
SOURCE WeissLaw LLP