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Nicor Inc. Shareholder Investigation by Briscoe Law Firm Concerning Proposed Buyout by AGL Resources

^{Published on 2010-12-08 01:00:32 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of [ Nicor Inc. ] (aNicora or aGASa) (NYSE: GAS) related to the proposed acquisition of Nicor by AGL Resources (NYSE: AGL).

The definitive merger agreement, which was announced on December 7, 2010, involves a transaction valued at approximately $3.1 billion. Under the proposed buyout transaction, Nicor shareholders will receive a cash payment of $21.20 and .8382 shares of AGL Resources common stock for each share of Nicor/GAS common stock they hold. Although the stock and cash acquisition price reportedly represents a value of $53 per share to Nicor shareholders, based on the volume-weighted average for AGL Resourcesa™ common stock for the 20 trading days ended December 1, 2010, the value to shareholders is only an approximate 13% premium over Nicora™s closing price the day before the announcement. Based on this and other factors, the proposed transaction may not adequately value Nicor/GAS shares.

The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Nicor for approving this transaction and whether Nicora™s Board of Directors acted in the shareholdersa™ best interests and properly shopped the deal.

If you currently own shares of Nicor/GAS and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.