Murray, Frank & Sailer LLP Investigates Breaches Of Fiduciary Duty Regarding Acquisition Of K-Sea Transportation Partners L.P...
March 14 2011 - 3:24PM
Business Wire
Murray, Frank & Sailer LLP is investigating claims of breach
of fiduciary duty by certain members of the board of directors of
K-Sea Transportation Partners L.P. (NYSE:KSP) (“K-Sea” or the
“Company”) in relation to the acquisition of the Company by Kirby
Corporation (“Kirby”).
On March 13, 2011, K-Sea and Kirby announced that Kirby will
acquire K-Sea pursuant to a transaction under which K-Sea common
unitholders will have the right to elect to receive either (a)
$8.15 in cash; or (b) $4.075 in cash plus 0.0734 of a share of
Kirby’s common stock for each common unit. Similarly, pursuant to
the transaction, K-Sea’s preferred unitholders will receive $4.075
in cash and 0.0734 of a share of Kirby’s common stock for each
preferred unit. K-Sea’s general partner will receive $8.15 in cash
for each general partner unit and $18 million in cash for K-Sea’s
incentive distribution rights. This proposed acquisition has an
aggregate value of approximately $335 million. The amount
represents a premium of approximately 26% over the closing price of
the stock on March 11, 2011.
The investigation concerns whether certain members of the board
of directors breached their fiduciary duty in connection with their
efforts to sell K-Sea to Kirby at an inadequate price through an
unfair process which significantly undervalues the Company.
If you are a current investor in K-Sea, who purchased KSP shares
before March 13, 2011 and you wish to discuss this investigation or
have any questions concerning this notice or your rights or
interests with respect to these matters, please contact Bridget
Hamill or Gregory Linkh at (800) 497-8076 or (212) 682-1818, or by
email at investigations@murrayfrank.com.
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