An investigation for investors in NYSE:MEP units was announced concerning whether the takeover of Midcoast Energy Partners LP for $8.00 per unit is unfair to NYSE:MEP unitholders.
Investors who purchased units of Midcoast Energy Partners LP (NYSE:MEP) and currently hold any of those NYSE:MEP units have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Midcoast Energy Partners LP breached their fiduciary duties owed to NYSE:MEP investors in connection with the proposed acquisition.
On January 27, 2017 Midcoast Energy Partners LP announced that it has entered into a merger agreement with Enbridge Energy Company, Inc. (“EECI”), an indirect subsidiary of Enbridge Inc. (NYSE: ENB), whereby Enbridge Energy Company, Inc. will acquire, for cash, all of the outstanding publicly held common units of Midcoast Energy Partners LP at a price of US$8.00 per common unit for an aggregate transaction value of US$170.2 million.
However, that NYSE:MEP units rose to as high as $9.00 per unit on January 26, 2017, the investigation concerns whether the offer is unfair to NYSE:MEP unitholders. In addition, given that Enbridge Energy Partners, L.P. will own approximately 52 percent of Midcoast Energy Partners LP’s then outstanding common units and that in connection with the execution of the merger agreement, Midcoast Energy Partners LP has entered into a support agreement with Enbridge Energy Company, Inc and Enbridge Energy Partners, L.P. whereby Enbridge Energy Partners, L.P. has already agreed, in its capacity as a holder of Midcoast Energy Partners LP units, to vote its units in favor of the merger agreement and the transactions contemplated by the merger agreement, the investigation concerns whether the Midcoast Energy Partners Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized unitholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
On February 3, 2017, NYSE:MEP units closed at $8.00 per share.
Those who are current investors in NYSE:MEP units have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com