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 Cleco Corporation (“Cleco” or the “Company”) (NYSE: CNL)
relating to the proposed buyout of the Company by Macquarie
Infrastructure and Real Assets, British Columbia Investment Management
Corporation and John Hancock Financial.
Under the terms of the transaction, Cleco shareholders are anticipated
to receive $55.37 in cash for each share of Cleco common stock they own.
The transaction is expected to close in the second half of 2015,
although Cleco shareholders will most likely be asked to vote on the
transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether
Cleco’s Board of Directors failed to satisfy their duties to the
Company’s 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.
The transaction may represent a loss or no real gain for many Cleco
shareholders. In particular, according to Yahoo! Finance, at
least one Wall Street analyst has issued a price target for Cleco stock
at $58.00 per share, which is approximately 4.7% more than what Cleco
shareholders are expected to receive. Additionally, while the Company
claims that shareholders will receive a premium for their shares, the
Company recently traded as high as $58.95 as of June 30, 2014.
If you currently own common stock of Cleco 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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