NEW YORK, March 17, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of K-Sea Transportation Partners ("KSP" or the "Company") (NYSE:KSP) relating to possible breach of fiduciary duties in connection with a proposed merger agreement with Kirby Corporation ("Kirby").
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. Shareholders owning more than 50% of KSP have already agreed to support the deal, thus ensuring the deal will occur.
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 equity in the transaction is valued at approximately $335.3 million based on approximately 38.9 million units outstanding, and is expected to close in the second or third calendar quarter of 2011.
Under the terms of 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, the largest tanker fleet on the East Coast.
KSP shareholders seeking more information about this acquisition are advised to contact Gustavo F. Bruckner, Esq. at gfbruckner@pomlaw.com or 212-661-1100 (ext. 302) or toll free at 888-476-6529, (ext. 302). Shareholders may also contact Rachelle R. Boyle at rrboyle@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) 212-661-1100 (ext. 237) rrboyle@pomlaw.com