SHAREHOLDER ALERT: Brower Piven Launches An Investigation Into The Proposed Sale Of Hawaiian Electric Industries, Inc. And En...
06 December 2014 - 12:35PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Hawaiian Electric Industries, Inc.
(“Hawaiian Electric” or the “Company”) (NYSE: HE) relating to the
proposed buyout of the Company by NextEra Energy, Inc.
(“NextEra”).
On December 3, 2014 Hawaiian Electric and NextEra announced the
signing of a definitive agreement pursuant to which NextEra will
acquire Hawaiian Electric in a transaction valued at approximately
$2.60 billion. Additionally, and contingent upon the completion of
the proposed transaction, Hawaiian Electric announced a plan to
spin off ASB Hawaii, the parent company of American Savings Bank,
to Hawaiian Electric shareholders and establish it as an
independent publicly traded company.
Under the terms of the transaction, Hawaiian Electric
shareholders are expected to receive a total value estimated at
$35.50 per share, consisting of a one-time cash dividend payment of
$0.50 and 0.2413 shares of NextEra common stock for each share of
Hawaiian Electric common stock they own, and approximately $8.00
per share of ASB Hawaii.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock.
If you currently own common stock of Hawaiian Electric and would
like to learn more about the investigation being conducted by
Brower Piven, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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