A lawsuit was filed by an investor in shares of Integrys Energy Group, Inc. (NYSE:TEG) in effort to stop the proposed takeover and NYSE:TEG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/01/2014 -- An investor, who currently holds shares of Integrys Energy Group, Inc. (NYSE:TEG) filed a lawsuit in effort to halt the takeover of Integrys Energy Group, Inc. by Wisconsin Energy Corp for a value of $71.47 per shares.
Investors who purchased shares of Integrys Energy Group, Inc. (NYSE:TEG) and currently hold any of those NYSE:TEG 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:TEG stockholders by agreeing to sell Integrys Energy Group, Inc.too cheaply via an unfair process to Wisconsin Energy Corp.
On June 23, 2014, Wisconsin Energy Corp. (NYSE: WEC) and Integrys Energy Group, Inc. (NYSE:TEG) announced that they have entered into an agreement under which Wisconsin Energy will acquire Integrys Energy Group, Inc. (NYSE:TEG) in a transaction valued at $9.1 billion. Under the terms of the transaction, Integrys Energy Group, Inc. (NYSE:TEG) shareholders will receive common stock at a fixed exchange ratio of 1.128 Wisconsin Energy shares plus $18.58 in cash per Integrys Energy Group, Inc. (NYSE:TEG) share. Total consideration is valued at $71.47 per NYSE:TEG share, with a consideration mix of 74 percent stock and 26 percent cash.
However, the plaintiff claims that the offer is too low and undervalues Integrys Energy Group, Inc. Integrys Energy Group, Inc. reported that its annual Total Revenue rose from over 44.21 billion in 2012 to over $5.63 billion in 2013 and that its Net Income increased from $284.50 million in 2012 to $254.90 million in 2013. Shares of Integrys Energy Group, Inc. (NYSE:TEG) grew from $28.70 per share in July 2009 to as high as $63.55 per share in August 2013, respectively $61.37 per share in April 2014.
On June 27, 2014, NYSE:TEG shares closed at $70.92 per share.
Those who are current investors in Integrys Energy Group, Inc. (NYSE:TEG) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com