|By PR Newswire||
|August 10, 2014 07:12 PM EDT||
BOSTON, Aug. 10, 2014 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible breaches of fiduciary duty by the Boards of Directors of Kinder Morgan Energy Partners (NYSE: KMP), El Paso Pipeline Partners LP (NYSE: EPB) and Kinder Morgan Management LLC (NYSE: KMR) (collectively the "Companies") concerning the proposed acquisition of the Companies by Kinder Morgan Inc. ("KMI") (NYSE: KMI).
Under the terms of the proposed consolidation transactions, shareholders of the Companies will receive a mix of cash and shares of KMI, and representing premiums to investors ranging from only 12 to 16.5%, even factoring in the recent temporary drops in the stock of the Companies. These premiums are far below those received in recent similar industry transactions. The new entity's enterprise value is estimated to be approximately $140 billion, and the consolidation transactions are expected to close by the end of 2014.
Upon the consolidation, many investors will receive a smaller distribution. Many industry experts believe that the consolidation transaction is an attempt to cover up growth difficulties of the master limited partnership structure employed by KMI.
Block & Leviton's investigation seeks to determine, among other things, whether directors of the Companies breached their fiduciary duties by failing to maximize shareholder value in the potential acquisition and the process by which the directors considered and approved the transaction. Block & Leviton is also investigating potential aiding and abetting of fiduciary breaches by KMI.
If you are a shareholder of one or more of KMP, EPB, KMR or KMI and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at (617) 398-5600 or email him at [email protected]
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years. This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP
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