Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the general partner ("GP") of Buckeye GP Holdings L.P. ("BGH" or the "Company") (NYSE:BGH) and members of the GP's board of directors in connection with their actions in causing BGH to enter into a definitive merger agreement to be acquired by Buckeye Partners, L.P. ("BPL") (NYSE:BPL). If the transaction is completed, BGH unitholders will receive 0.705 BPL limited partnership units in exchange for each BGH limited partnership unit owned. The merger is subject to approval by a majority vote of the outstanding limited partnership units of BPL and limited partnership units of BGH, which is expected to be held in the fourth quarter of 2010.
Robbins Umeda LLP's investigation concerns whether the GP of BGH undertook a fair process to obtain fair consideration for all unitholders of BGH. Specifically, Robbins Umeda LLP's investigation concerns whether the Company's GP and its directors acted in BGH's best interests in entering into the definitive merger agreement. On June 11, 2010, the companies announced that the board of directors of BGH's GP voted unanimously in favor of the agreement and that the independent directors of BGH's board are expected to join the board of BPL's general partner. Additionally, affiliates of ArcLight Capital Partners, LLC and Kelso & Company have committed to vote in favor of the merger, subject to limited exceptions. Together these two entities control over 60% of the Company's units.
If you are a unitholder of BGH, plan to continue to hold your units, and would like more information about your rights as a unitholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.
Robbins Umeda LLP is a California-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please go to http://www.robbinsumeda.com.Advertisement