SAN DIEGO and LAS VEGAS, May 30, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of NV Energy, Inc. (NYSE: NVE) by MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway Inc. On May 29, 2013, MidAmerican Energy Holdings announced that it has reached a definitive acquisition agreement under which MidAmerican will acquire NV Energy for $23.75 per share in cash.
The Board of Directors' Actions May Prevent NV Energy Shareholders from Receiving Maximum Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board of directors at NV Energy is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger.On May 3, 2013, NV Energy released its financial results for the first quarter 2013, reflecting strong increases in net income and earnings per share. Specifically, the company reported net income of $21.5 million as compared to $12.2 million for the same quarter 2012. Further, earnings per share diluted increased from $0.04, compared to the first quarter 2012, to $0.09. Moreover, NV Energy exceeded analyst earnings per share expectations in five of the past six quarters. In announcing the results, Michael Yackira, the company's President and CEO, commented, "Results for the first quarter were in line with our expectations. We are on track to achieve our 2013 earnings guidance range of $1.25 to $1.25 per share." Given these facts, the firm is examining the board of directors' decision to sell NV Energy now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.