N@N

Buyout of Progress Energy Investigated by Tripp Levy PLLC on behalf of Progress Shareholders

^{Published on 2011-01-10 04:25:59 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the proposed acquisition of Progress Energy, Inc. (NYSE: PGN) by Duke Energy (NYSE: DUK) in a stock-for-stock transaction. Under the merger agreement, Progress Energy's shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy's closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share.

Following completion of the merger, officials anticipate Duke Energy shareholders will own approximately 63 percent of the combined company and Progress Energy shareholders will own approximately 37 percent on a fully diluted basis. The transaction price represents only a modest premium to Progress Energya™s stock price the day prior to the announcement of the transaction (7%).

The investigation concerns, among other things, whether the consideration to be paid to Progress shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Progress. Indeed, analysts have projected that Progress a true inherent value is in excess of the proposed merger consideration. The investigation further concerns whether the board of directors of Progress may have breached their fiduciary duties by not acting in Progress shareholders' best interests in connection with the sale process of Progress.

If you own Progress common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact

Tripp Levy
Tripp Levy PLLC
125 East 82^nd Street
9^th Floor
New York, New York
Toll Free: 877-772-3975
Email: [ contact@tripplevy.com ]

Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.