The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of PetroLogistics LP Buyout Proposal
SMITHTOWN, NY, May 29, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of PetroLogistics LP (“Petro”) (NYSE: PDH) for possible breaches of fiduciary duties and other violations of law in connection with Petro’s agreement to be acquired by Flint Hills Resources, LLC a subsidiary of Koch Industries, Inc. (“Koch”), in a transaction valued at approximately $2.1 billion.
Under the terms of the agreement, public shareholders of Petro would receive $14.00 per unit in cash for each share of Petro they own.
The investigation concerns whether Petro’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to Petro’s stockholders would be fair and adequate, and whether Petro is acting in its stockholders’ best interests.