NEW YORK, Oct. 27, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Piedmont Natural Gas Co. Inc. ("PNY" or the "Company") by Duke Energy Corp. ("Duke") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of PNY for agreeing to sell the Company to Duke. On October 26, 2015, the Company announced it had reached a definitive agreement for Duke to acquire all outstanding shares of PNY in a transaction valued at approximately $6.7 billion, inclusive of debt. Under the terms of the agreement, PNY shareholders will receive $60 in cash for each PNY share they own.
WeissLaw is investigating whether PNY's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the acquisition of PNY increases Duke's stake in Atlantic Coast Pipeline to 50%, making Duke the pipeline's largest stakeholder. Additionally, the transaction will triple the scope of Duke's existing natural gas LDC operations, which currently serve approximately 500,000 customers. Finally, the acquisition will increase Duke's forecasted earnings per share growth rate of 4%- 6%.
Given these facts, WeissLaw is investigating whether PNY's Board acted in the best interests of PNY's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Duke. If you own PNY 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 or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected].
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] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP