Briscoe Law Firm Investigates K-Sea Transportation Partners L.P. Acquisition on Behalf of Unitholders
March 14 2011 - 12:07PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims related
to the acquisition of K-Sea Transportation Partners L.P. (“K-Sea
Transportation” or “KSP”) (NYSE: KSP) by Kirby Corporation
(“Kirby”). The definitive merger agreement, which was announced on
March 13, 2011, involves a transaction valued at approximately $335
million. Under the proposed buyout, K-Sea Transportation common
unitholders will have the right to elect to receive $8.15 in cash
or $4.075 in cash plush a fixed ratio of .0734 shares of Kirby
common stock for each common unit of K-Sea Transportation/KSP they
hold. K-Sea Transportation preferred unitholders will receive
$4.075 in cash and .0734 shares of Kirby common stock. The
transaction is expected to close in the second or third quarter of
2011.
The investigation relates to the fairness of the proposed
transaction to K-Sea Transportation unitholders and possible
breaches of fiduciary duty and other violations of state law by
K-Sea Transportation for approving this transaction. In addition,
the firms seek to determine whether K-Sea Transportation obtained
the best value for its unitholders, adequately considered all
viable alternatives, and properly shopped the company before
entering into the acquisition agreement.
If you currently own common or preferred units of K-Sea
Transportation/KSP and would like additional information regarding
this investigation, or if you have information regarding the
allegations involved in this transaction, please contact Patrick
Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail
at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC toll free (877) 397-5991, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation firm that handles a
variety of complex business litigation matters nationwide,
including claims of investor and stockholder fraud, shareholder
oppression, shareholder derivative suits, and security class
actions.
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