Finkelstein Thompson LLP Announces Investigation of K-Sea Transportation Partners L.P.
March 15 2011 - 4:59PM
Business Wire
Finkelstein Thompson LLP is investigating potential claims on
behalf of shareholders of K-Sea Transportation Partners L.P.
(“K-Sea” or the “Company”) (NYSE: KSP) concerning the definitive
merger agreement under which K-Sea would be acquired by Kirby
Corporation (NYSE: KEX) (“Kirby”), and K-Sea’s common shareholder
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. K-Sea’s preferred shareholders
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. The transaction is
valued at approximately $600 million including an assumption of
approximately $265 million of debt.
The investigation is focused on the potential unfairness of the
consideration to K-Sea shareholders, the process by which the Board
of Directors considered the transaction, and potential conflicts of
interests among K-Sea Board members. K-Sea reported a book value of
$11.77 per share for the most recent quarter. If you are interested
in discussing your rights as a K-Sea shareholder, or have
information relating to this investigation, please contact
Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or
by email at contact@finkelsteinthompson.com.
Finkelstein Thompson LLP has spent over three decades delivering
outstanding representation to institutional and individual clients
in financial litigation, and has been appointed as lead or co-lead
counsel in dozens of shareholder class actions. Indeed, the firm
has served in leadership roles in cases that have recovered over $1
billion for investors and consumers.
To learn more about Finkelstein Thompson LLP, please visit our
web site at www.finkelsteinthompson.com. Attorney advertising.
Prior results do not guarantee similar outcomes.
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