SAN DIEGO, Sept. 15, 2010 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor of Enterprise GP Holdings L.P. filed lawsuit in State Court against Enterprise Products Partners L.P. and others alleging breaches of fiduciary duty arising out of their attempt to take over Enterprise GP Holdings L.P. via an unfair sale process.
Those who currently are long term investors in shares of Enterprise GP Holdings L.P. (NYSE:EPE) and purchased their shares prior to September 07, 2010, should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
On Tuesday, September 07, 2010, Enterprise Products Partners L.P. (NYSE:EPD) and Enterprise GP Holdings L.P. (NYSE:EPE) announced an agreement that would result in the merger of EPE with a wholly owned subsidiary of EPD through a unit-for-unit exchange. Under the terms of the agreement, EPE unitholders would receive 1.5 EPD common units in exchange for each EPE limited partner unit they own at closing, for an implied value of $57.68 per unit based on EPD's closing price on September 3, 2010.
But the plaintiff alleges that members of the board of directors of Enterprise GP Holdings L.P. and Enterprise Products Partners L.P. as control person of Enterprise GP Holdings breached their fiduciary duty owed to the minority public shareholders of Enterprise GP Holdings L.P. (NYSE:EPE) by attempting to sell Houston, Texas based Enterprise GP Holdings L.P. via an unfair process at an unfair price to Enterprise Products Partners L.P. The plaintiff claims, among other things, that the minority public unitholders will not get any say in the deal, since the merger is conditioned on the approval of a majority of the outstanding units and certain affiliates of Enterprise Products Company owning approximately 76 percent of the total number of outstanding Enterprise GP Holdings L.P. (EPE) units have already agreed to support the takeover agreement.
Those who currently are investors Enterprise GP Holdings L.P. (NYSE:EPE) and purchased their shares before the announcement, should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is an investor advocacy group 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 group offers help, support, and assistance for every shareholder, and investors find answers to their questions and equitable solutions to their problems. 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.
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CONTACT: Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 mail@shareholdersfoundation.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108