Shareholder rights firm Robbins
Umeda LLP has commenced an investigation into possible breaches of
fiduciary duty and other violations of the law by members of the board
of directors of Sunoco, Inc. (NYSE: SUN) in connection with their
efforts to sell the company to Energy Transfer Partners, L.P. (NYSE:
ETP). Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Gregory E. Del Gaizo
at (800) 350-6003, firstname.lastname@example.org,
or via the shareholder
information form on the firm's website.
On April 30, 2012, Sunoco announced that it had entered into a
definitive merger agreement to be acquired by Energy Transfer Partners.
According to the terms of the deal, Energy Transfer Partners will
acquire all outstanding shares of the company in a cash and unit
transaction. Pursuant to the agreement, Sunoco shareholders will receive
$25.00 in cash and 0.5245 of an Energy Transfer Partners common unit for
each share of the company they own. The transaction is expected to close
in the third or fourth quarter of 2012.
Robbins Umeda LLP's investigation focuses on whether Sunoco's board is
undertaking a fair process to obtain maximum value and adequately
compensate shareholders in light of the company's recent financial
results. Specifically, on February 15, 2012, Sunoco reported operating
results for the fourth quarter of 2011 that exceeded analyst
expectations. The company reported revenue of $12.7 billion for the
quarter, a 28.2% increase over the $9.9 billion in revenue reported
during the same quarter in the previous year and well above consensus
estimates of only $8.4 billion.
Furthermore, at least one leading market analyst has released a target
price for Sunoco that values the company's stock at $51.00 per share,
higher than the value currently being offered by Energy Transfer
Partners as a part of the proposed transaction. Given this target price
and the company's impressive financial results, Robbins Umeda LLP is
examining the board's decision to sell Sunoco rather than allow
shareholders to continue to participate in the company's continued
success and future growth prospects.
Robbins Umeda attorneys highlight that Sunoco shareholders have the
option to file a class
action lawsuit against the company to secure the best possible price
for the company's shareholders and the disclosure of material
information to shareholders so they can vote on the transaction in an
Robbins Umeda LLP is a nationally recognized leader in securities
litigation and shareholder rights law. The firm represents individual
and institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than $1
billion of value for themselves and the companies in which they have
invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/sunoco-inc/
Attorney Advertising. Past results do not guarantee a similar outcome.