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 shareholders.
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 the transaction.
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. Contact: BLOCK & LEVITON LLP Steven P. Harte, Esq. firstname.lastname@example.org (617) 398-5600 SOURCE Block & Leviton LLP