STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE) relating to the proposed buyout of the Company by NextEra Energy, Inc. (“NextEra”).
On December 3, 2014 Hawaiian Electric and NextEra announced the signing of a definitive agreement pursuant to which NextEra will acquire Hawaiian Electric in a transaction valued at approximately $2.60 billion. Additionally, and contingent upon the completion of the proposed transaction, Hawaiian Electric announced a plan to spin off ASB Hawaii, the parent company of American Savings Bank, to Hawaiian Electric shareholders and establish it as an independent publicly traded company.
Under the terms of the transaction, Hawaiian Electric shareholders are expected to receive a total value estimated at $35.50 per share, consisting of a one-time cash dividend payment of $0.50 and 0.2413 shares of NextEra common stock for each share of Hawaiian Electric common stock they own, and approximately $8.00 per share of ASB Hawaii.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company’s shares of common stock.
If you currently own common stock of Hawaiian Electric and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.