SAN DIEGO and PITTSBURG, Oct. 14, 2014 (GLOBE NEWSWIRE) -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of Atlas Pipeline Partners, L.P. by Targa Resources Partners LP. On October 13, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which Atlas Pipeline unit holders will receive 0.5846 units of Targa Resources and $1.26 in cash for each Atlas Pipeline unit held, for total consideration valued at $38.66 per unit.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/atlas-pipeline-partners-lp
Is the Proposed Acquisition Best for Atlas Pipeline and Its Unitholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Atlas Pipeline is undertaking a fair process to obtain maximum value and adequately compensate its unit holders.
As an initial matter, the $38.66 unit price represents a mere 15% premium over Atlas Pipeline's closing price on October 10, 2014. The average premium to shareholders for transactions in the oil and gas storage and transportation industry in the last year was 71%, significantly higher than the premium here. Further, three analysts currently list a $40 target price for Atlas Pipeline units.
In its second quarter 2014 earnings statement issued on August 4, 2014, Atlas Pipeline announced that both its adjusted EBITDA and distributable cash flow for the quarter increased 8% year-over-year. Additionally, the partnership reported processed gas volumes of 1.5 billion cubic feet per day, an all-time record.
In light of these facts, Robbins Arroyo LLP is examining Atlas Pipeline'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 Pipeline 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 Pipeline 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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