WILMINGTON, Del., May 23, 2024 (GLOBE NEWSWIRE) -- The law firm of Andrews & Springer LLC, is investigating the fairness of the price of $35.75 per share in cash for which Avangrid, Inc. (NYSE: AGR) (“Avangrid” or the “Company”) has agreed to be sold to Iberdrola, S.A. (“Iberdrola”), which owns and controls over 81% of Avangrid’s stock.
If you currently own shares of Avangrid and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/avangrid-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
On May 17, 2024, Avangrid and Ibredrola announced that they reached an agreement in principle pursuant to which Iberdrola will acquire Avangrid in a going private merger. As a result of the merger, Avangrid shareholders are only anticipated to receive only $35.75 per share in cash in exchange for each share of Avangrid.
The sale of Avangrid to Iberdrola appears to have significant conflicts of interest, thus making the process and consideration unfair. Iberdrola controls over 81% of the vote and sits on both sides of the merger. The Company claims that shareholders will only receive a 11.4% premium for their shares, however, Avangrid’s stock price closed May 16, one day before the merger announcement, at $37.53, more than 4% higher than the $35.75 deal consideration. The $35.75 deal consideration is also 12% less than the $41.00 per share price target set by Wells Fargo on May 1, 2024. The deal consideration is also less than the $38.00 per share price target set by Zacks research set on May 10, 2024.
About Andrews & Springer LLC
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of corporate misconduct. Among Andrews & Springer’s most recent successes include (i) securing a $51 billion derivative recovery through complete rescission of Elon Musk’s $55 billion pay package in Tornetta v. Musk, et al., C.A. 2018-0408-KSJM and (ii) securing a $1 billion cash settlement for stockholders in In re Dell Technologies In. Class V Stockholder Litigation, C.A. 2018-0816-JTL. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com.
Contact:
Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013
