NEW YORK, April 21, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Florida Public Utilities Co. ("Florida Public" or the "Company") (AMEX:FPU) arising out of their attempt to sell the Company to Chesapeake Utilities Corp. ("Chesapeake"). Under the terms of the proposal, Florida Public shareholders will receive 0.405 shares of Chesapeake stock for each share of Florida Public they own which equates to $12.01 per share based on the April 17, 2009 closing price of Chesapeake stock or approximately $11.32 per share based on the average of Chesapeake's closing stock price over the last 60 days. The transaction is unfair given that, among other things, the Company's shares traded above $13.00 per share as recently as October 8, 2009. Also, the sales process the Company conducted was flawed given that, in contravention of their fiduciary duties to maximize shareholder value, the Company's Board agreed to a "no-solicitation" provision and a $3.4 million termination fee that will ensure no superior offer will ever be forthcoming.
If you own common stock in Florida Public and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/fpu.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.