Tripp Levy PLLC Investigates Proposed Acquisition of SouthWest Water
March 03 2010 - 12:14PM
Business Wire
Tripp Levy PLLC announces an investigation into the proposed
acquisition of SouthWest Water Company (NASDAQ: SWWC). On March 3,
2010, SouthWest Water announced that it has entered into an
agreement to be acquired for approximately $275 million in cash, or
$11.00 per share, by institutional investors advised by J.P. Morgan
Asset Management and Water Asset Management L.L.C. (the
partnership).
However, SouthWest Water may not have adequately shopped itself
around before entering into this transaction and, pursuant to this
proposed transaction, the partnership may be underpaying for
SouthWest Water, thus unlawfully harming SouthWest Water
shareholders. In addition, prior to the closing of the acquisition,
members of the partnership will invest approximately $16 million in
2.7 million newly issued SouthWest Water shares under a private
placement, priced at $6.00 per share.
The investigation concerns, among other things, whether the
consideration to be paid to SouthWest Water shareholders is grossly
unfair, inadequate, and substantially below the fair or inherent
value of SouthWest Water. The investigation further concerns
whether the directors of SouthWest Water may have breached their
fiduciary duties by not acting in SouthWest Water shareholders'
best interests in connection with the sale process of SouthWest
Water.
If you own SouthWest Water common stock and you wish to discuss
this matter with us, or have any questions concerning your rights
and interests with regard to this matter, please contact
Tripp Levy Tripp Levy PLLC New York, New York Toll Free:
877-772-3975
Email:
contact@tripplevy.com
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