HAWAIIAN ELECTRIC ALERT: Johnson & Weaver, LLP Investigates the Fairness of Price & Process in Proposed Sale of Hawaiian Elec...
December 04 2014 - 3:39PM
Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP is
investigating whether members of the board of directors of Hawaiian
Electric Industries, Inc. (NYSE: HE) breached their fiduciary
duties in connection with the planned merger of the Company with
NextEra Energy, Inc. Hawaiian Electric is engaged in electric
utility and banking businesses primarily in Hawaii.
On December 3, 2014, Hawaiian Electric and NextEra announced
that they had entered into a definitive merger agreement. Under the
terms of the agreement, stockholders of Hawaiian Electric will
receive 0.2413 NextEra shares and a one-time cash dividend payment
of $0.50 for each share of Hawaiian Electric common stock they own.
Additionally, Hawaiian Electric announced a plan to spin-off ASB
Hawaii, the parent company of American Savings Bank, to Hawaiian
Electric shareholders as an independent publicly traded company.
The ASB Hawaii spin-off is contingent upon the combination of
NextEra with Hawaiian Electric.
The total value to Hawaiian Electric shareholders is estimated
to be $33.50 per share. This estimate includes the one-time $0.50
special cash dividend, the current estimated value of ASB Hawaii of
approximately $8.00 per share and the value of 0.2413 NextEra
shares. Hawaiian Electric shareholders will be subject to the
future price fluctuation of the ASB Hawaii spin-off and NextEra
stock price.
The investigation concerns whether Hawaiian Electric’s board
failed to satisfy their duties to the Company shareholders,
including whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for Hawaiian Electric’s shares of common stock.
If you are a shareholder of Hawaiian Electric and believe
that the proposed buyout price is too low or confusing and you are
interested in learning more about the investigation or your legal
rights and remedies, please contact lead analyst Jim Baker
(jimb@johnsonandweaver.com) at 619-814-4471.
About Johnson & Weaver,
LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com
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