SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the board of directors of KKR Financial Holdings (NYSE: KFN) breached their fiduciary duties in connection with the planned sale of the company to Kohlberg Kravis Roberts & Co. L.P. (NYSE: KKR).
KFN is a specialty finance company with a portfolio of assets spanning a complementary range of strategies. KFN is externally managed by KKR.
On December 16, 2013, KFN and KKR announced that they had entered into an agreement whereby KKR would acquire KFN in an all-stock transaction worth approximately $2.6 billion. Under the terms of the transaction, which is scheduled to be completed in the first half of 2014, KFN shareholders stand to receive 0.51 common units of KKR for each common share of KFN. Based on KKR’s closing price as of December 16, 2013 the exchange ratio equates to a value of $12.79 per common share of KFN.
The investigation concerns whether KFN’s board failed to satisfy their duties to the company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for KFN’s shares of common stock. The investigation also concerns KKR’s role in the process leading up to the announcement.
If you are a shareholder of KFN and would like additional information concerning your legal rights, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California and New York. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.