ACQUISITION OF COPANO - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
January 30, 2013
New York, New York
Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Copano Energy. Kinder Morgan Energy Partners, L.P. (KMP) and Copano Energy, L.L.C. (CPNO) announced a definitive agreement whereby KMP will acquire all of Copano’s outstanding units. The transaction will be a 100 percent unit for unit transaction with an exchange ratio of .4563 KMP units per Copano unit. The consideration to be received by Copano unitholders is valued at $40.91 per Copano common unit based on KMP’s closing price as of Jan. 29, 2013, TPG, Copano’s largest unitholder (owning over 14 percent of its outstanding equity), has agreed to support the transaction.
The investigation concerns whether the board of directors of Copano breached their fiduciary duties by not engaging in a full and fair auction for the company, as well as the terms that are to management's benefit. Indeed, analysts have projected that the offer consideration is below Copano's true takeover value. Further, shareholders of Copano may not be receiving their dividends, which were due in March 2013 as a result of this buyout as KMP will be utilizing the company's cash to pay for this acquisition.
If you are a shareholder of Copano and would like additional information about how this buyout affects your rights as a shareholders, at no cost, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy