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DALLAS -- Three securities litigation firms announced today that they have commenced an investigation into Energy Transfer Partners LP's (ETP) proposed acquisition of Susser Holdings Corp.
Specifically, law firms Brower Piven, A Professional Corp.; Morgan & Morgan; and Rigrodsky & Long P.A. are investigating if Susser Holdings' board of directors "breached their fiduciary duties by failing to maximize shareholder value before agreeing to enter into this transaction, and whether ETP is underpaying for Susser shares."
Dallas-based ETP, parent of Sunoco Inc., plans to pay $1.8 billion for Corpus Christi, Texas-based Susser Holdings. Master limited partnership Susser Petroleum Partners LP is not part of the transaction.
Susser shareholders can elect to receive $80.25 in cash, 1.4506 units of ETP, or a combination of both for each share they own in the parent of 625 Stripes and Sac-N-Pac convenience stores.
Susser Holdings and ETP did not immediately respond to news of the investigations. When announcing the transaction on April 28, Susser Holdings CEO Sam L. Susser said the combination of ETP and Sunoco with his company is the "right next step" and "delivers significant value" for shareholders.
"This transaction also enables our shareholders who elect ETP units to participate in the future growth of the retail business," Sam Susser added.