Business & Finance
Business and Finance
Business and Finance
Fri, April 29, 2011 Briscoe Law Firm Investigates Constellation Energy Group, Inc. for Shareholders Concerning Acquisition by Exelon Corporation
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 securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of Constellation Energy Group, Inc. (aConstellation Energya or aCEGa) (NYSE: CEG) related to the proposed buyout of Constellation Energy by Exelon Corporation.
The definitive merger agreement, which was announced on April 28, 2011, involves a stock-for-stock transaction valued at approximately $7.9 billion. Under the proposed buyout, Constellation Energy shareholders will receive a fixed ratio of 0.930 shares of Exelon Corporation common stock for each share of Constellation Energy common stock they hold.
The firms are investigating the fairness of the proposed transaction to Constellation Energy shareholders and whether Constellation Energya™s Board of Directors acted in the shareholdersa™ best interests. Based on Exelon Corporationa™s closing price the day prior to the merger announcement, the acquisition price represents a value of approximately $38.59 per share to Constellation Energy shareholders. Although the acquisition price represents a 12.5% premium above the closing price of Constellation Energy shares prior to the announcement, the company recently reported a book value of $39.19 per share. Based on these and other factors, the firms are investigating whether the price offered to Constellation Energy shareholders is adequate. The firms are also investigating whether Constellation Energya™s Board of Directors considered all viable alternatives and properly shopped the company before entering into the acquisition agreement.
If you currently own shares of Constellation Energy/CEG 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 nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
