MILWAUKEE, Oct. 20, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Cleco for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Cleco to an investor group led by Macquarie Infrastructure and Real Assets, British Columbia Investment Management Corporation and John Hancock Financial.
Click here to learn how to join the action: http://www.ademilaw.com/case/cleco or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Cleco's long-term financial outlook is very positive and yet shareholders will receive only $55.37 per share. The Investor Group is well aware of Cleco's improving financial metrics and is purchasing Cleco at a substantial discount. The merger agreement unreasonably limits prospective bids by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Cleco receive and accept a superior bid. Cleco insiders and their affiliates own significant stock, and will receive millions of dollars as part of change of control arrangements. These insiders can unduly influence a sale of Cleco not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Cleco's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Cleco given its current financial condition and prospects.
If you own shares of Cleco and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/cleco.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.