SAN DIEGO and PITTSBURGH, Oct. 14, 2014 (GLOBE NEWSWIRE) -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of Atlas Energy, L.P. by Targa Resources Corp. On October 13, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which Targa will acquire all of the outstanding units of Atlas Energy for a combination of $9.12 in cash, 0.1809 of a share of Targa common stock, and a pro rata share in 100% of Atlas Energy's distributed non-midstream assets for each unit of Atlas Energy, a combined value of $31.13 per unit.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/atlas-energy-lp
Is the Proposed Acquisition Best for Atlas Energy and Its Unit Holders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Atlas Energy is undertaking a fair process to obtain maximum value and adequately compensate its unit holders.
As an initial matter, several analysts have set a target price of $55, significantly above the $31.13 consideration, including analysts at both RBC Capital Makers and Stephens Inc. since July 2, 2014 and May 29, 2014, respectively. An analyst at Robert W. Baird & Co. has also had a similar target price of $54 since August 6, 2014. Further, Atlas Energy last traded above the deal consideration as recently as October 10, 2014, trading as high as $35.15 and closing at $32.41. Moreover, in its second quarter 2014 earnings statement released on August 7, 2014, Atlas Energy reported an increase its cash distribution to $0.49 per unit, an 11% increase over the same quarter of 2013.
In light of these facts, Robbins Arroyo LLP is examining Atlas Energy's board of directors' decision to sell the company now rather than allow unit holders to continue to participate in the company's continued success and future growth prospects.
Atlas Energy unit holders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for unit holders and the disclosure of material information. Atlas Energy unit holders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law 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.
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