NEW YORK, Feb. 7, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of WGL Holdings, Inc.
("WGL" or the "Company") in connection with the proposed
acquisition of the Company by Canadian corporation AltaGas Ltd.
("AltaGas"). Under the terms of the agreement, the Company's
shareholders will receive $88.25 in
cash for each WGL share they own.
WeissLaw is investigating whether WGL's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the offer price represents a mere 12% premium over WGL's
closing price prior to announcement of the acquisition.
Additionally, the acquisition, which has been unanimously
approved by the Board of Directors of the Company, is a strategic
transaction which heavily favors the interests of AltaGas and its
shareholders at the expense of WGL's shareholders. According
to AltaGas's CEO, the transaction "is highly transformational . . .
increasing both the scale and breadth of [AltaGas'] quality
assets." WGL is a multi-jurisdictional energy company with
significant exposure in the midstream sector, and substantial
investments in various American pipelines, including pipelines in
the Marcellus and Utica basins, which the Canadian corporation
hopes will diversify its midstream business. Finally, the
acquisition increases AltaGas's market share, solidifying its
position as a leading North American energy infrastructure
company.
Given these facts, WeissLaw is investigating whether WGL's Board
acted in the best interests of WGL's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own WGL shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/wgl-holdings-inc/
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SOURCE WeissLaw LLP