A lawsuit was filed for investors in shares of SunCoke Energy Partners, L.P. (NYSE: SXCP) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 06/14/2019 -- An investor, who currently holds shares of SunCoke Energy Partners, L.P. (NYSE: SXCP), filed a lawsuit against the takeover of SunCoke Energy Partners, L.P.
Investors who purchased shares of SunCoke Energy Partners, L.P. (NYSE: SXCP) and currently hold any of those SunCoke Energy Partners, L.P. (NYSE: SXCP shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: SXCP stockholders by agreeing to sell SunCoke Energy Partners, L.P. cheaply via an unfair process.
On Feb. 5, 2019, SunCoke Energy, Inc. (NYSE: SXC) and SunCoke Energy Partners, L.P. (NYSE: SXCP) announced that they have entered into an agreement whereby SunCoke Energy, Inc will acquire all outstanding common units of SunCoke Energy Partners, L.P not already owned by SunCoke Energy, Inc in a stock-for-unit merger transaction (the "Simplification Transaction"). Pursuant to the terms of the merger agreement, SunCoke Energy Partners, L.P unaffiliated common unitholders will receive 1.40 SunCoke Energy, Inc. (NYSE: SXC) common shares for each SunCoke Energy Partners, L.P common unit. Based on a closing price of $10.93 per NYSE: SXC shares on February 4, 2019 investors of SunCoke Energy Partners, L.P. (NYSE: SXCP) will receive approximately $15.03 per NYSE: SXCP unit.
However, plaintiff claims that the proposed consideration NYSE: SXCP shareholders will receive is grossly inadequate and undervalues SunCoke Energy Partners, L.P. Indeed, NYSE: SXCP units traded as recently as August 2018 as high as $17.80 per share and reached in January 2018 as high as $21.95 per share In addition, the plaintiff alleges that the process is also unfair NYSE: SXCP stockholders.
Those who are current investors in SunCoke Energy Partners, L.P. (NYSE: SXCP) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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