Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of
Copano Energy’s Proposed Acquisition by Kinder Morgan Energy Partners, L.P.
SAN DIEGO -- January 30, 2013
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether
members of the board of directors of Copano Energy, L.L.C. (NasdaqGS: CPNO)
breached their fiduciary duties in connection with the proposed acquisition by
Kinder Morgan Energy Partners, L.P.
On January 30, 2013, Kinder Morgan announced that it had entered into a
definitive merger agreement to acquire all outstanding shares of CPNO in a
stock-for-stock transaction, with CPNO shareholders receiving 0.4563 of a
Kinder Morgan share for each share of CPNO they own. This offer price
represents a value of approximately $40.91 per share, which is below at least
one analyst’s target price for CPNO.
The investigation will determine whether CPNO’s board of directors breached
their fiduciary duties to stockholders by failing to satisfactorily shop the
company before entering into this agreement. Jim Baker, lead analyst for
Johnson & Weaver, stated that, “Kinder Morgan’s offer appears to be inadequate
and not in the best interest of CPNO’s shareholders.” In particular, Baker
noted that CPNO’s projected earnings estimates highlight CPNO’s strong growth
prospects, which may not be adequately reflected in Kinder Morgan’s offer
Baker also noted the possible presence of self-dealing by CPNO’s board of
directors. Many of CPNO’s senior executives, including members of the board,
are due to receive millions of dollars in change of control payouts upon
consummation of the transaction. By contrast, the transaction likely means
that CPNO’s planned February 14, 2013 shareholder dividend payment will be
If you are a CPNO shareholder and are interested in learning more about the
investigation or your legal rights and remedies, please contact attorney Shawn
Fields (email@example.com) at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law
firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
Johnson & Weaver, LLP
Shawn Fields, 619-230-0063
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