CH Energy Group Investor Lawsuit Against Takeover by Fortis Announced by Shareholders Foundation
(firmenpresse) - SAN DIEGO, CA -- (Marketwire) -- 02/27/12 -- The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current stockholders of CH Energy Group (CHG) in effort to stop the proposed takeover of CH Energy Group by Fortis Inc. for $65.00 per share.
If you purchased shares of CH Energy Group (CHG) prior to February 21, 2012 and currently hold those CHG stocks, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at or call +1 (858) 779-1554.
On Tuesday, February 21, 2012, CH Energy Group, Inc. (CHG) announced that it has entered into a merger agreement with Fortis Inc., under which Fortis will acquire CH Energy Group for an aggregate purchase price of approximately U.S. $1.5 billion, including the assumption of approximately U.S. $500 million of debt. Under the terms of the proposed transaction shareholders of CH Energy Group, Inc. will receive U.S. $65 for each share of the company they own.
However, plaintiff alleges defendants breached their fiduciary duties by agreeing to an offer that undervalues NYSE:CHG shares and is inadequate.
Indeed, following the takeover news shares of CH Energy Group (CHG) jumped from $58.77 per share on Friday to as high as $66.41 per share during Tuesday, February 21, 2012, thus exceeding the current offer. Furthermore at least one analyst has set the high target price for NYSE:CHG shares at $69 per share.
Those who currently are investors in CH Energy Group (CHG) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Trevor Allen
+1 (858) 779-1554
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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Datum: 27.02.2012 - 08:35 Uhr
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News-ID 1087089
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