San Diego, CA -- (SBWIRE) -- 08/13/2014 -- An investor, who currently holds shares of QR Energy LP (NYSE:QRE) filed a lawsuit in effort to halt the proposed takeover of QR Energy LP by Breitburn Energy Partners.

Investors who purchased shares of QR Energy LP (NYSE:QRE) and currently hold any of those NYSE:QRE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:QRE stockholders by agreeing to sell QR Energy LP too cheaply via an unfair process to Breitburn Energy Partners LP.

On July 24, 2014, Breitburn Energy Partners LP (NASDAQ:BBEP) and QR Energy, LP (NYSE: QRE) announced the signing of a merger agreement pursuant to which Breitburn will acquire QR Energy in a unit-for-unit exchange implying a transaction value of approximately $3.0 billion, including QR Energy’s existing net debt and outstanding Class C Convertible Preferred Units. Under the terms of the merger agreement, holders of QR Energy’s Common and Class B units, including those issuable upon a change in control, will receive approximately 72 million Breitburn common units, or 0.9856 of a BBEP unit for each unit of QRE held. The consideration to be received by QR Energy unitholders is valued at $22.48 per unit, based on Breitburn’s closing price of $22.81 on July 23, 2014,

However, the plaintiff claims that the offer is unfair to NYSE:QRE stockholders and undervalues QR Energy, LP. Indeed, QR Energy LP reported that its annual Total Revenue rose from $262.37 million in 2010 to $455.63 million in 2013 and that its Net Income of $19.88 million in 2010 rose to $60.97 million in 2013. Shares of QR Energy LP (NYSE:QRE) grew from $15.17 per share in July 2013 to as high as $18.96 per share on July 23, 2014.

Furthermore, the plaintiff alleges that the process is unfair to NYSE:QRE stockholders too. Indded, certain QR Energy unitholders owning approximately 37% of the votes of the outstanding QRE units have agreed to vote in favor of the transaction and that certain holders of QRE’s Class B contingent units have agreed to reduce the outstanding number of such units by approximately 42%, subject to closing adjustments.

On August 11, 2014, NYSE:QRE shares closed at $20.54 per share.

Those who are current investors in QR Energy LP (NYSE:QRE) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com