BALA CYNWYD, Pa., April 28, 2009 (GLOBE NEWSWIRE) -- Law offices of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Atlas Energy Resources, LLC ("Atlas Energy" or the "Company") (NYSE:ATN) relating to the proposed acquisition by Atlas America, Inc. ("Atlas America") (Nasdaq:ATLS). Atlas America has agreed to acquire the 52 percent of Atlas Energy it does not already own in a stock deal worth approximately $500 million. Pursuant to an SEC filing, the companies announced that a Delaware limited liability company will be formed as a wholly owned subsidiary of Atlas America ("Merger Sub") which will, subject to the terms and conditions of the Merger Agreement, merge with and into the Company, with the Company continuing as the surviving company and a wholly owned subsidiary of Atlas America.
Under the proposed agreement, each Class B common unit of Atlas Energy not already owned by Atlas America will be converted into 1.16 shares of Atlas America common stock. Based on the April 27, 2009 closing price of Atlas America, Atlas Energy shareholders would receive the equivalent of $15.08 for each of their shares. On April 27, 2009, Atlas Energy shares closed at $14.81; however, as recently as February 2009, the Company's shares were trading at over $16.40, which is a higher share price than the offer and a higher share price than Atlas America has achieved since February 2009. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Company's board's approval of the proposed merger.
If you own shares of Atlas Energy and wish to discuss the legal ramifications of the proposed acquisition by Atlas America, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.