WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you own shares of Cleco Corporation (NYSE: CNL)?
- Did you purchase any of your shares prior to October 20, 2014?
- Do you think the proposed buyout price is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Cleco Corporation (“Cleco” or the “Company”) (NYSE: CNL) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by a group of North American long-term infrastructure investors led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corporation, together with John Hancock Financial and other infrastructure investors (collectively, "Investor Group"), in a transaction valued at approximately $4.7 billion.
Click here to learn more: http://www.rigrodskylong.com/investigations/cleco-corporation-cnl.
Under the terms of the agreement, public shareholders of Cleco would receive $55.37 per share in cash for each share of Cleco they own.
The investigation concerns whether Cleco’s board of directors failed to adequately shop the Company and obtain the best possible value for Cleco’s shareholders before entering into an agreement with the Investor Group. According to Yahoo! Finance, at least one analyst has issued a price target for Cleco stock at $58.00 per share.
If you own the common stock of Cleco and purchased your shares before October 20, 2014, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/cleco-corporation-cnl.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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