STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current unitholders of PAA Natural Gas Storage, L.P. (“PNG”) (NYSE: PNG) and other violations of state law by the board of directors of PNG relating to the proposed merger of the company with Plains All American Pipeline, L.P. (“PAA”). The firm’s investigation seeks to determine, among other things, whether the board of directors of PNG breached their fiduciary duties by failing to maximize unitholder value.
According to the press release announcing the proposed merger, PNG unitholders will receive 0.435 common units of PAA for each common unit of PNG they own, representing a value per PNG common unit of $22.74 based on the trailing 10-day average closing price of PAA’s common units through August 26, 2013. According to Yahoo! Finance, the high analyst price target is $23.00 per unit of PNG and PNG units traded above the deal price as recently as July 24, 2013.
If you currently own PNG units and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.