A lawsuit was filed for investors in shares of Copano Energy, L.L.C. (NASDAQ:CPNO)) in effort to the proposed takeover and NASDAQ:CPNO stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/12/2013 -- An investor in Copano Energy, L.L.C. (NASDAQ:CPNO) shares filed a lawsuit in effort to block the proposed takeover of Copano Energy, L.L.C. by Kinder Morgan Energy Partners, L.P. for $40.91 per NASDAQ:CPNO share.
Investors who purchased shares of Copano Energy, L.L.C. (NASDAQ:CPNO) prior to January 29, 2013, and currently hold any of those NASDAQ:CPNO shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that the defendants breached their fiduciary duties owed NASDAQ:CPNO stockholders by agreeing to sell Copano Energy too cheaply via an unfair process.
On January 29, 2013, Kinder Morgan Energy Partners, L.P. (NYSE: KMP) and Copano Energy, L.L.C. (NASDAQ: CPNO) announced an agreement whereby Kinder Morgan Energy Partners, L.P. will acquire all of Copano Energy’s outstanding units for a total purchase price of approximately $5 billion, including the assumption of debt. The transaction will be a 100 percent unit for unit transaction with an exchange ratio of 0.4563 Kinder Morgan Energy Partners, L.P. (NYSE: KMP) units per Copano Energy, L.L.C. (NASDAQ:CPNO) unit.The consideration to be received by Copano Energy, L.L.C. (NASDAQ:CPNO) unitholders is valued at $40.91 per Copano Energy, L.L.C. (NASDAQ:CPNO) common unit based on Kinder Morgan Energy Partners’ closing price as of Jan. 29, 2013. Copano Energy, L.L.C. said the offer represents a 23.5 percent premium to Copano Energy’s close on Jan. 29, 2013.
However, the plaintiff alleges that the offer is too low and undervalues the company. Indeed, at least one analyst has set the high target price for NASDAQ:CPNO shares at $41.00 per share. Furthermore, Copano Energy’ financial performance improved lately. In fact, Copano Energy, L.L.C. (NASDAQ:CPNO) reported that its annual Revenue rose from $779.33 million in 2009 to over $1.29 billion in 2011. Shares of Copano Energy, L.L.C. (NASDAQ:CPNO) grew from as low as $11.64 per share in March 2009 to as high as $37.68 per share in February 2012.
Those who are current investors in Copano Energy, L.L.C. (NASDAQ:CPNO), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com