The Law Office of Abe Shainberg Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of K-Sea Tran...
March 18 2011 - 3:44PM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of K-Sea Transportation Partners L.P. (NYSE: KSP) for
possible breaches of fiduciary duty and other violations of state
law in connection with the sale of the Company to Kirby Corporation
(NYSE: KEX). Under the terms of the transaction, K-Sea shareholders
can elect to receive either $8.15 in cash or $4.075 in cash plus
0.0734 of a share of Kirby common stock for each share of K-Sea
they own. The total value of the transaction is approximately $600
million, consisting of $335 million for K-Sea's equity and the
refinancing of $265 million of K-Sea debt. 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 investigation concerns whether the K-Sea Board of Directors
breached their fiduciary duties to K-Sea stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Kirby is underpaying for K-Sea shares, thus unlawfully
harming K-Sea stockholders. For the most recent quarter, K-Sea
reported a book value of $11.77 per share.
If you own common stock in K-Sea and wish to obtain additional
information, please contact Abe Shainberg, Esq. either via email at
as@ashainberglaw.com or by telephone at (212) 425-7286, or visit
http://www.ashainberglaw.com/k-sea-transportation-partners.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide. Attorney advertising. Prior results do not
guarantee similar outcomes.
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