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Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Progress Energy, Inc., in Connection with t

^{Published on 2011-01-12 16:36:09 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Progress Energy, Inc. (aProgress Energya or the aCompanya) (NYSE:PGN) related to the Companya™s agreement to merge with Duke Energy Corporation (aDuke Energya). The proposed stock-for-stock transaction is valued at approximately $13.7 billion.

Under the terms of the definitive merger agreement entered into by the parties, Progress Energya™s shareholders will receive 2.6125 shares of Duke Energy common stock in exchange for each share they own of Progress Energy common stock. The proposed transaction values Progress Energy stock at $46.48 per share, based on Duke Energy's closing share price on January 7, 2011. Following completion of the merger, Duke Energy shareholders will own approximately 63 percent of the combined company and Progress Energy shareholders will own approximately 37 percent. The merger is expected to close by the end of 2011. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Progress Energya™s board of directors.

If you are a shareholder of Progress Energy, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].