WASHINGTON--(EON: Enhanced Online News)--The law firm of Finkelstein Thompson LLP is investigating potential claims on behalf of unitholders of PAA Natural Gas Storage, L.P. (NYSE: PNG) (“PNG” or “the Company”), concerning the Company’s proposed acquisition by Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”). Under the terms of the merger agreement, PNG’s common unitholders will receive 0.445 common units of Plains per PNG common unit surrendered, plus cash in lieu of any fractional common units of Plains otherwise issuable. This represents a value of $23.07 based on Plains’ closing price of $51.85 on Monday, October 21, 2013. The offer price represents a 0.17% premium to PNG’s closing price of $23.03 on Monday, October 21, 3013. The offer comes in spite of the fact that PNG traded above the offer price as recently as October 4, 2013. The total deal is valued at approximately $2 billion.
The investigation is focused on whether PNG’s Board of Directors breached its fiduciary duty in failing to maximize consideration to unitholders, the potential unfairness of the consideration to unitholders, the process by which the Board considered the transaction, and potential conflicts of interest among the Company’s Board members.
If you are interested in discussing your rights as a PNG unitholder, or have information relating to this investigation, please contact Finkelstein Thompson’s Washington, DC offices at (877) 337-1050 or (202) 337-8000, or by email at firstname.lastname@example.org.
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
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