We are investigating claims on behalf of investors of PetroLogistics LP ("PetroLogistics" or the "Company") (PDH) concerning the proposed acquisition of PetroLogistics by Koch Industries, Inc. (Koch). The investigation concerns whether the PetroLogistics directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Koch's Flint Hills Resources LLC unit will pay $12 a share for the stock held by private-equity firm Lindsay Goldberg LLC, York Capital Management LP, PetroLogistics's chairman and its chief executive officer. The rest of the shares will be purchased for $14 per share in cash for each PetroLogistics share. One analyst has set the target price at $17 per share.
PetroLogistics LP announced that it and its general partner, PetroLogistics GP LLC, have entered into a definitive agreement to be acquired by Flint Hills Resources, LLC, a subsidiary of Koch Industries, Inc. Under the terms of the acquisition agreement ("Merger Agreement"), Flint Hills Resources will acquire all of PetroLogistics' outstanding common units for $14.00 per common unit in cash, except for those common units owned by Lindsay Goldberg LLC ("Lindsay Goldberg"), York Capital Management ("York Capital"), PetroLogistics' Executive Chairman and its President and Chief Executive Officer, which will be acquired for$12.00 per common unit in cash.
If you are a current shareholder and would like to discuss your options of exercising your rights as a shareholder, which include ensuring that the company is getting the highest possible price for the company, and that the board of directors will act in the best interest of the shareholders, please contact us.
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