Bull & Lifshitz, LLP Announces Investigation of the Acquisition of K-Sea Transportation Partners L.P.
16 Marzo 2011 - 1:16PM
Business Wire
Bull & Lifshitz, LLP announces an investigation into
possible breaches of fiduciary duty in connection with the proposed
acquisition of K-Sea Transportation Partners L.P. (NYSE: KSP)
(referred to as "K-Sea") by Kirby Corporation (“Kirby”) in a cash
and stock transaction valued at approximately $600 million.
Under the terms of the agreement, K-Sea’s common unitholders
will have the right to elect to receive either (a) $8.15 in cash;
or (b) $4.075 in cash plus 0.0734 of a share of Kirby’s common
stock for each common unit. K-Sea’s preferred unitholders will
receive $4.075 in cash and 0.0734 of a share of Kirby’s common
stock for each preferred unit. 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. Pursuant to the
agreement, K-Sea will become a wholly-owned subsidiary of Kirby.
The K-Sea management team will continue to run the day-to-day
operations of the coastwise tank barge business after completion of
the transaction.
Bull & Lifshitz, LLP's investigation is focused on whether
the proposed deal provides adequate value to the Company’s
shareholders. If you are a holder of K-Sea stock and want to
discuss your legal rights, you may e-mail or call Bull &
Lifshitz, LLP who will, without obligation or cost to you, attempt
to answer your questions.
If you are a shareholder of K-Sea and would like more
information about our investigation, please contact Joshua M.
Lifshitz, Esq. by telephone at (866) 313-6222 or by sending an
e-mail including your contact information to:
counsel@nyclasslaw.com. All e-mail correspondence should make
reference to K-Sea.
Bull & Lifshitz, LLP is a New York City-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please visit our website at www.nyclasslaw.com.
ATTORNEY ADVERTISING. © 2010 Bull & Lifshitz, LLP.
The law firm responsible for this advertisement is Bull &
Lifshitz, LLP, 18 East 41st Street, New York, New York 10017, (212)
213-6222. Prior results do not guarantee or predict a similar
outcome with respect to any future matter.
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