SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Integrys Energy Group, Inc. (NYSE: TEG), breached their fiduciary duties in connection with the proposed $5.7 billion sale of the company to Wisconsin Energy Corp.
If you are an Integrys shareholder and would like additional information concerning your legal rights, please contact Johnson & Weaver’s lead analyst Jim Baker at firstname.lastname@example.org or 619-814-4471.
Integrys operates as a diversified energy holding company with regulated natural gas and electric utility operations in Illinois, Michigan, Minnesota, and Wisconsin.
On June 23, 2014, Integrys and Wisconsin Energy entered into an agreement whereby Wisconsin Energy will acquire Integrys in a $5.7 billion transaction. Under the terms of the transaction, Integrys shareholders will receive common stock at a fixed exchange ratio of 1.128 Wisconsin Energy shares plus $18.58 in cash per Integrys share. Total consideration is valued at $71.47 per Integrys share.
Nationally recognized Johnson & Weaver, which focuses its practice on shareholder rights, is investigating whether the proposed $71.47 per share deal price represents adequate consideration, especially given the company’s recent success and promise of future growth in the area of compressed natural gas ("CNG") fueling stations.
“Integrys is a valuable company that has recently reported plans to have 61 CNG stations either under contract or in service by the end of 2014,” said Johnson & Weaver attorney Scott Holleman. “Integrys directors were required to do everything they could to maximize shareholder value, and we don’t think that the $71.47 per share deal price is adequate given the CNG prospects for dynamic future growth.”
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