Business & Finance
Business and Finance
Business and Finance
Tue, January 11, 2011
Mon, January 10, 2011 Progress Energy Corporation Shareholder Investigation by Briscoe Law Firm Concerning Proposed Acquisition by Duke Energy Corp.
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 [ Progress Energy, Inc ]. (aProgress Energya or aPGNa) (NYSE: PGN) related to the proposed acquisition of Progress Energy by Duke Energy Corporation (NYSE: DUK). The investigation relates to the fairness of the proposed transaction to Progress Energy shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Progress Energy for approving this transaction, and whether Progress Energya™s Board of Directors acted in the shareholdersa™ best interests.
"Based on the lack of an appreciable premium to shareholders, and other factors, we have concern whether the proposed acquisition is fair to Progress Energy shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock"
The definitive acquisition agreement, which was announced on January 10, 2011, involves a transaction valued at approximately $13.7 billion. Under the proposed buyout, Progress Energy shareholders will receive a fixed ratio of 2.6125 shares of Duke Energy common stock for each share of Progress Energy/PGN common stock they hold. Based on Duke Energya™s closing price on January 7, 2011, the value to Progress Energy shareholders is reportedly $46.48 per share. However, the acquisition price reportedly represents a premium of only 6.4 percent to Progress Energy shareholders, based on the trading price over the last 20 trading days, according to Reuters, and Progress Energy shares closed as high as $45.50 as recently as October 2010. aBased on the lack of an appreciable premium to shareholders, and other factors, we have concern whether the proposed acquisition is fair to Progress Energy shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock,a said shareholder rights attorney Willie Briscoe.
If you currently own shares of Progress Energy/PGN 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 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.
