Newman Ferrara LLP Announces Investigation of EnergySolutions, Inc.
Newman Ferrara LLP Announces Investigation of EnergySolutions, Inc.
NEW YORK--(BUSINESS WIRE)-- Newman Ferrara LLP is investigating potential claims against the board of directors of EnergySolutions, Inc. ("EnergySolutions") (NYS: ES) concerning the proposed acquisition of EnergySolutions by private investment firm Energy Capital Partners II, LLC.
On January 7, 2013, EnergySolutions announced that it had entered into an agreement and plan of merger to be acquired by Energy Capital Partners II, LLC in an all cash deal valued at approximately $1.1 billion. Under the terms of the agreement, EnergySolutions' shareholders will receive $3.75 in cash per share of EnergySolutions stock owned. However, the $3.75 per share offer price represents only a 5.6% premium over the trading high of $3.54 per share of EnergySolutions stock on January 4, 2013, the day before the deal was announced. EnergySolutions stock also traded at above the $3.75 offer price as recently as May 9, 2012 when it traded at $3.78 per share and traded as high as $5.43 per share on March 19, 2012.
According to Imperial Capital analyst Andrew Casella, "[t]he price they are offering is low." Analysts have set a target price for EnergySolutions common stock at $5.00 per share.
Newman Ferrara LLP's investigation concerns whether EnergySolutions' Board of Directors has breached its fiduciary duties to act in the best interests of EnergySolutions' shareholders and to take all necessary steps to ensure that EnergySolutions' shareholders receive the maximum value readily available for their shares of EnergySolutions common stock.
Concerned investors are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or rshimon@nfllp.com to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
Newman Ferrara LLP
Roy Shimon, 212-619-5400
Attorney
rshimon@nfllp.com
KEYWORDS: United States North America New York
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