Block & Leviton LLP Investigates Copano Energy LLC, for Possible Breaches of
Fiduciary Duty in Connection with Its Acquisition by Kinder Morgan Energy
BOSTON, Jan. 30, 2013
BOSTON, Jan. 30, 2013 /PRNewswire/ --Block & Leviton LLP (www.blockesq.com),
a Boston-based law firm representing investors nationwide, has commenced an
investigation into possible breaches of fiduciary duty by the Board of
Directors of Copano Energy LLC ("Copano" or the "Company") (NASDAQ: CPNO)
concerning the proposed acquisition of the Company by Kinder Morgan Energy
Partners, LP ("KMP") in a stock swap transaction.
Under the terms of the proposed merger, KMP will acquire Copano in a deal for
approximately $40.91 per Copano share, with a total deal value of
approximately $3.23 billion. The offer price is below the target price of at
least one analyst. The Company's largest shareholder, TPG Capital LP, who
owns approximately 14% of the Company, stands to profit 41% on their
investment and unsurprisingly has agreed to support the transaction. Ordinary
shareholders stand to collect only a paltry 23% premium on the previous day's
closing price. The Company's share price has increased 25% since just July
2012, and the stock was rapidly approaching the level of its 52 week high. At
its 52 week high of $38.03, the premium is a mere 7%. As such, it appears
that the proposed transaction premium offers insufficient recognition of
Copano's growth potential and represents an insufficient premium to
Block & Leviton's investigation seeks to determine, among other things,
whether Copano's Directors breached their fiduciary duties by failing to
maximize shareholder value in the proposed acquisition by KMP and the overall
fairness of the process by which the Copano Directors considered and approved
If you are a Copano shareholder and have questions about your legal rights, or
if you have information relevant to this investigation, please contact
attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide
for violations of securities laws. The firm's lawyers have collectively been
prosecuting securities cases on behalf of investors for over 50 years. This
notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP
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