SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of PetroLogistics LP (NYSE: PDH) breached their fiduciary duties in connection with the proposed sale of the Company to Flint Hills Resources, LLC, a subsidiary of Koch Industries, Inc.
PetroLogistics owns and operates propane dehydrogenation facility that produces polymer grade and chemical grade propylene from propane in North America.
On May 28, 2014, PetroLogistics and Flint Hills entered into an agreement whereby Flint Hills will acquire PetroLogistics. Under the terms of the agreement Flint Hills will acquire all of PetroLogistics' outstanding common units for $14.00 per common unit in cash, except for those common units owned by Lindsay Goldberg LLC, PetroLogistics' Executive Chairman and its President and Chief Executive Officer, which will be acquired for $12.00 per common unit in cash. At least one analyst estimates PetroLogistics to be valued at $17.00 per share, which is far more than the $14.00 anticipated deal value.
Johnson & Weaver, a nationally recognized shareholder rights firm, is investigating whether PetroLogistics' board of directors agreed to sell the Company for an inadequate price. The firm is also investigating whether the Company’s directors thoroughly considered alternatives to the proposed merger, including continuing on as an independent company or pursuing a deal with another company.
If you are a shareholder of PetroLogistics and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471.
About Johnson & Weaver, LLP:
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. Attorney advertising. Past results do not guarantee future outcomes.