COLUMBIA PIPELINE PARTNERS, LP UNITHOLDER NOTICE: Wolf Haldenstein Adler Freeman & Herz LLP is Investigating the Proposed Acquisition of All Outstanding Master Limited Partnership Units of Columbia Pipeline Partners, LP
General Partner, TransCanada Corp., offers to buy out all unitholders at an insufficient price
NEW YORK, NY / ACCESSWIRE / September 26, 2016 / Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating the proposed acquisition of all 53,843,666 outstanding common units of the master limited partnership (MLP) of Columbia Pipeline Partners, LP (CPPL) ("CPPL") by its General Partner for only $15.75 per unit in cash.
TransCanada Corporation ("TransCanada"), through its wholly-owned subsidiary, Columbia Pipeline Group, Inc., has made an offer to the board of directors of the General Partner of CPPL. This follows the July 1, 2016 TransCanada purchase of the Columbia Pipeline Group, which gave it control of CPPL's General Partner. This current offer of $15.75 per unit is only a 2.9% premium to the last closing price prior to the announcement made this morning, and substantially below analyst price targets.
Columbia Pipeline Partners, LP holders failed to benefit after TransCanada announced on March 17, 2016 that is was going to acquire its General Partner. Prior to that announcement, CPPL closed at $16.00 per unit, below the offer of $15.75 announced this morning. "At the time, there was no clear strategy for Columbia Pipeline Partners," noted Bloomberg Intelligence analyst Michael Kay in an interview after this morning's announcement. "It was clear that TransCanada set itself to do something with the MLP at a discounted price."
Investors who currently hold units of Columbia Pipeline Partners, LP (CPPL) are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this transaction or have any questions regarding your rights and interests, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Nespole, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, nespole@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
