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The Briscoe Law Firm Announces Investigation of Southern Union Company

^{Published on 2011-06-17 08:36:24 - Market Wire}
 

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 Southern Union Company (aSouthern Uniona or aSUGa) (NYSE: [ SUG ]) related to the takeover of Southern Union by Energy Transfer Equity, L.P.

"Because the acquisition price does not represent a substantial premium to the shareholders, we do not believe that the acquisition price is fair for Southern Unionsa™ shareholders"

The definitive merger agreement, which was announced on June 16, 2011, involves a total transaction value of approximately $7.9 billion. Under the proposed merger, current Southern Union stockholders common shares will be exchanged for newly issued Series B Units of Energy Transfer Equity with a value of $33.00 per share. The transaction is expected to close in first quarter of 2012.

The firms are investigating the fairness of the proposed transaction to Southern Union shareholders and whether the shareholders are being undercompensated for their stock. The acquisition price represents a value of only $33.00 per share to Southern Union shareholders. However, Southern Union/[ SUG ] shares have traded at $33.37 per share as recently as June 17, 2011. In addition, analysts have set the target price for Southern Union shares at $34.00 per share. aBecause the acquisition price does not represent a substantial premium to the shareholders, we do not believe that the acquisition price is fair for Southern Unionsa™ shareholders,a said shareholder rights attorney Willie Briscoe.

If you currently own shares of Southern Union/[ SUG ] 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.