The Law Offices of Vincent Wong Announce an Investigation into Possible Breaches of Fiduciary Duty by the Board of K-Sea Tran...
15 Marzo 2011 - 8:58AM
Business Wire
The Law Offices of Vincent Wong are investigating the Board of
Directors of K-Sea Transportation Partners L.P. (NYSE: KSP) for
possible breaches of fiduciary duty and other violations of state
law in connection with the sale of the Company to Kirby Corporation
(NYSE: KEX). Under the terms of the transaction, K-Sea shareholders
can elect to receive either $8.15 in cash or $4.075 in cash plus
0.0734 of a share of Kirby common stock for each share of K-Sea
they own. The total value of the transaction is approximately $600
million, consisting of $335 million for K-Sea's equity and the
refinancing of $265 million of K-Sea debt. K-Sea’s general partner
will receive $8.15 in cash for each general partner unit and $18
million in cash for K-Sea’s incentive distribution rights.
The investigation concerns whether the K-Sea Board of Directors
breached their fiduciary duties to K-Sea stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Kirby is underpaying for K-Sea shares, thus unlawfully
harming K-Sea stockholders. K-Sea reported a book value of $11.77
per share, for the most recent quarter.
If you own common stock in K-Sea and wish to obtain additional
information, please contact Vincent Wong, Esq. either via email
vw@wongesq.com, by telephone at 212.584.2740, or visit
http://www.wongesq.com/k-sea-transportation.html.
Vincent Wong, Esq. is an experienced attorney that has
represented investors in securities litigations involving financial
fraud and violations of shareholder rights. Attorney advertising.
Prior results do not guarantee similar outcomes.
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