Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors ("Board") of Penn Virginia GP Holdings, L.P. ("PVG" or the "Company") (NYSE: PVG) in connection with their efforts to sell PVG to Penn Virginia Resource Partners, L.P. ("PVR") (NYSE: PVR) through a unit-for-unit exchange. If the transaction is completed, PVG unitholders will receive 0.98 PVR limited partnership units in exchange for each PVG limited partnership unit they own, for an implied value of approximately $24.48 per share.
Robbins Umeda LLP's investigation concerns whether PVG's Board undertook a fair process to obtain fair consideration for all unitholders of PVG. Specifically, our investigation concerns whether the members of the Company's Board breached their fiduciary duties to PVG unitholders by failing to adequately shop the Company before entering into the transaction with PVR. Notably, at least one analyst set a target price of $28.00 per unit for PVG, $3.52 higher than the implied value of PVR's offer. Further, in the second quarter of 2010, PVG's coal segment operating income was well ahead of analyst estimates.
If you are a unitholder of PVG, 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 and unitholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please go to http://www.robbinsumeda.com.Advertisement