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Kendall Law Group Investigates Central Vermont Public Service Acquisition

^{Published on 2011-06-02 19:20:42 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by former federal judge Joe Kendall, is investigating Central Vermont Public Service (NYSE: CV) for shareholders in connection with the proposed acquisition by Fortis Inc. The national securities firma™s investigation seeks to determine whether Central Vermont 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 Central Vermont Public Service 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 ].

On May 30, 2011, the companies announced the definitive merger agreement under which Central Vermont Public Service would be acquired by Fortis Inc. in a transaction valued at approximately $700 million. Under the terms of the agreement, Central Vermont stockholders will receive $35.10 in cash for each share of common stock held. Since the company reported higher profits in recent financial statements, the investigation seeks to determine if the consideration agreed upon adequately compensates shareholders. Additionally, the firm questions if a $19 million termination fee and other provisions of the merger may dissuade superior competing bids.

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.