SAN DIEGO, May 06, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP, a leading stockholder rights law firm, announced today that it has initiated an investigation into the board members of ALLETE, Inc. (NYSE: ALE) concerning potential breaches of fiduciary duties related to the proposed sale of the Company to Canada Pension Plan Investment Board and Global Infrastructure Partners.
On May 6, 2024, ALLETE informed the public that it has agreed to a deal with Canada Pension Plan Investment Board and Global Infrastructure Partners, in which stockholders will receive $67.00 per share in an all-cash offer. Upon completion of the deal, ALLETE will be a private Company.
Johnson Fistel’s investigation focuses on whether ALLETE’s board failed to satisfy its duties to the Company's stockholders, including whether the board sufficiently pursued alternatives to the acquisition, and whether the board secured the best possible price for ALLETE’s shares.
Stockholders of ALLETE are encouraged to contact Johnson Fistel to discuss their legal rights in this matter. You can click or copy and paste the following link to join this investigation:
https://www.cognitoforms.com/JohnsonFistel/ALLETEInc
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