Press Releases
Tripp Levy PLLC Investigates Proposed Acquisition Of CNX GAS
Tripp Levy PLLC announces an investigation into the proposed acquisition of CNX Gas Corp. (NYSE: CXG). On March 22, 2010, CONSOL Energy Inc. (NYSE: CNX) announced that it has entered into an agreement with T. Rowe Price Associates, Inc., on behalf of its investment advisory clients owning approximately 9.5 million shares of CNX Gas common stock, or approximately 37% of the shares of CNX Gas that CONSOL Energy does not currently own. Under the agreement, CONSOL Energy has agreed to commence a tender offer by May 5, 2010 to acquire all of the shares of CNX Gas common stock that it does not currently own at a price of $38.25, in cash, per share, and T. Rowe Price has agreed to tender its shares of CNX Gas common stock that its investment advisory clients own into the offer. CONSOL Energy currently owns approximately 83.3% of the approximately 151 million shares of CNX Gas common stock outstanding.
The investigation concerns, among other things, whether the consideration to be paid to CNX Gas shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of CNX Gas. The investigation further concerns whether the directors of CNX Gas and/or CONSOL Energy may have breached their fiduciary duties by not acting in CNX Gas shareholders' best interests in connection with the sale process of CNX Gas. If you own CNX Gas common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Tripp Levy Tripp Levy PLLC New York, New York Toll Free: 877-772-3975 Email: contact@tripplevy.comTheStreet Premium Services
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