NEW YORK, Aug. 24, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of AGL Resources, Inc. ("GAS" or the "Company") by Southern Company ("SO") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of GAS for agreeing to sell the Company to SO. On August 24, 2015, the Company announced it had reached a definitive agreement for SO to acquire GAS in a transaction valued at approximately $12 billion. Under the terms of the agreement, GAS shareholders will receive $66.00 in cash for each GAS share they own.
WeissLaw is investigating whether GAS's Board acted to maximize shareholder value. Notably, at the time of the announcement, SO's Chief Executive Officer Tom Fanning said "[w]e really consider this to be a growth play," as the deal is expected to be accretive to earnings per share in the first full year following the close of the transaction. Additionally, as electric utility companies like SO have reported slower growth in sales resulting from an increase demand in energy conservation, the demand for gas has risen and so has the revenue of gas companies like GAS which has seen a 37% increase in revenue since 2011.
Given these facts, WeissLaw is investigating whether GAS's Board acted in the best interests of GAS's public shareholders by actively shopping the Company to maximize shareholder value. If you own GAS shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
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@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP