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Kendall Law Group Investigates Progress Energy Inc. for Shareholders

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^{Published in Business and Finance on Monday, January 10th 2011 at 9:51 GMT by Market Wire}  

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by former federal judge Joe Kendall, is investigating Progress Energy Inc. (NYSE: PGN) for shareholders in connection with the proposed acquisition by Duke Energy Corporation. The national securities firma™s investigation seeks to determine whether Progress Energy and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Progress Energy shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

"Duke's offer was a modest 6.4 percent premium over the last 20 trading days."

On January 10, 2011, the companies announced the definitive merger agreement under which Progress Energy would be acquired by Duke Energy, in a transaction valued at approximately $13.7 billion. Under the terms of the agreement, Progress Energy stockholders will receive 2.6125 common shares of Duke Energy (NYSE: DUK) for each share of Progress Energy/PGN common stock held. Reuters reported that aDuke's offer was a modest 6.4 percent premium over the last 20 trading days.a The firma™s investigation seeks to determine whether Progress Energy and its Board negotiated a deal that provides the best value available to shareholders.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.