STEVENSON, Md. -- (Business Wire)
The securities litigation law firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of UIL Holdings Corporation (“UIL Holdings” or the “Company”)
(NYSE: UIL) relating to the proposed buyout of the Company by Iberdrola
USA (“Iberdrola”).
On February 25, 2015, UIL Holdings and Iberdrola announced the signing
of a definitive agreement pursuant to which Iberdrola will acquire UIL
Holdings. Under the terms of the transaction, UIL Holdings shareholders
are anticipated to receive an implied total value of $52.75 per UIL
Holdings share, including $10.50 per share paid in the form of cash.
The firm’s investigation seeks to determine, among other things, whether
the Company’s Board of Directors failed to satisfy their duties to
shareholders, including whether the Board adequately pursued
alternatives to the acquisition and whether the Board obtained the best
price possible for the Company’s shares of common stock. In particular,
according to Bloomberg, the Price to EBIT and Total Assets multiples are
below the average of comparable transactions.
If you currently own common stock of UIL Holdings and would like to
learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s.
Contacts:
Brower Piven, A Professional Corporation
Charles J. Piven,
410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
hoffman@browerpiven.com
Source: Brower Piven, A Professional Corporation
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