December 5, 2014 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Hawaiian Electric Industries, Inc. (NYSE:HE), was announced concerning whether the takeover of Hawaiian Electric Industries, Inc. by NextEra Energy, Inc is unfair to NYSE:HE stockholders.
The investigation by a law firm concerns whether certain officers and directors of Hawaiian Electric Industries, Inc. breached their fiduciary duties owed to NYSE:HE investors in connection with the proposed acquisition.
On December 3, 2014, NextEra Energy, Inc.(NYSE:NEE) and Hawaiian Electric Industries, Inc. (NYSE:HE) announced an agreement under which the companies have agreed to combine. Under the terms of the proposed transaction Hawaiian Electric Industries I shareholders will receive an estimated total value of approximately $33.50 per share.
However, the investigation concerns whether the offer is unfair to NYSE:HE stockholders. More specifically, the investigation concerns whether the Hawaiian Electric Industries Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Hawaiian Electric Industries, Inc. reported that its annual Total Revenue rose from over $2.66 billion in 2010 to over $3.23 billion in 2013 and that its Net Income increased from $115.42 million to $163.41 million.