RGP Buyout Investigated by Former Louisiana Attorney General & Special Prosecutor Richard P. Ieyoub & the Firm of Ieyoub O’...
29 January 2015 - 12:36AM
Business Wire
Former Attorney General of Louisiana Richard P. Ieyoub and the
firm of Ieyoub O’Bell & Myers, LLC (“IOM”) (www.iomcounsel.com)
are investigating the proposed buyout of Regency Energy Partners LP
(RGP) by Energy Transfer Partners, L.P. (ETP).
Under the terms of a definitive merger agreement announced by
both companies on January 26, 2015, Regency Energy will merge into
ETP, with ETP as the surviving entity. Regency Energy unitholders
will receive only $0.32 in cash, together with 0.4066 of a unit of
ETP, in consideration for each RGP common unit they own. Based on
recent trading prices, this values Regency Energy at only $24.87
per unit.
General Ieyoub and IOM are investigating whether the proposed
sale price, as well as the process that led up to it, are fair to
Regency Energy’s public unitholders. Among other things, the merger
price constitutes a meager 4.8% premium to Regency’s closing price
of $23.73 on January 23, 2015. The price is also far below the
targets set by securities analysts in recent weeks. The same
company, Energy Transfer Equity, L.P. (ETE), has a controlling
interest in both Regency and ETP.
Regency unitholders have the right to challenge the merger in
court to ensure that they receive a fair and adequate price for
their units. If you are a unitholder of RGP and you possess
information relevant to the investigation, or if you would like to
discuss your legal rights, contact IOM Partner Albert M. Myers at
al.myers@iomcounsel.com or call (404) 931-7735.
Richard Ieyoub, a partner of IOM, served as a Special
Prosecutor, District Attorney, and President of the National
District Attorneys Association before being elected Louisiana
Attorney General in 1992, serving until 2004. General Ieyoub played
a leadership role in litigation on behalf of 46 states against
tobacco manufacturers, who agreed in 1998 to pay over $200 billion
to redress the public health costs of smoking. IOM partners Eric J.
O’Bell and Albert M. Myers have practiced shareholder litigation
for over 25 years. IOM has offices in the New Orleans and Atlanta
metropolitan areas. The firm’s website is www.iomcounsel.com.
Paid content. Past results do not guarantee a similar
outcome.
Ieyoub, O’Bell & Myers, LLCAlbert M. Myers,
404-931-7735al.myers@iomcounsel.comwww.iomcounsel.com