December 13, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of UNS Energy Corp (NYSE:UNS) shares, was announced concerning whether the takeover of UNS Energy Corp by Fortis, Inc. for $60.25 per share is unfair to NYSE:UNS stockholders.
The investigation by a law firm concerns whether certain officers and directors of UNS Energy Corp breached their fiduciary duties owed to NYSE:UNS investors in connection with the proposed acquisition.
On December 11, 2013, UNS Energy Corp announced that its Board of Directors of UNS Energy Corporation (NYSE: UNS) has approved a merger agreement with Fortis, Inc. (TSX: FTS) that calls for Fortis to acquire all of the outstanding common stock of UNS Energy for $60.25 per share in cash.
However, the investigation concerns whether the $60.25-offer is unfair to NYSE:UNS stockholders. More specifically, the investigation concerns whether the UNS Energy 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.
On December 11, 2013, NYSE:UNS shares closed at $45.84 per share and jumped in after hour trading to $59.50 per share.
On December 13, 2013, shares of UNS Energy Corp closed at $58.94 per share.