Business & Finance
Thu, February 23, 2012
NEW YORK--([ BUSINESS WIRE ])--Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of CH Energy Group, Inc. (aCH Energya or the aCompanya) (NYSE: CHG) (ISIN: 12541M1027) concerning the proposed acquisition of CH Energy by Fortis Inc. (aFortisa) in a cash transaction valued at $1.5 billion.
The investigation concerns whether the CH Energy directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, CH Energy shareholders would receive $65.00 in cash per share of CH Energy common stock. However, the price multiples are below that of comparable transactions and at least one analyst has set at target price of $69.00 per share.
CH Energy shareholders seeking more information about this acquisition are advised to contact Rebecca Jarmon at [ rjarmon@pomlaw.com ] or 212-661-1100 or 888-476-6529, ext. 314.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See [ www.pomerantzlaw.com ].
