A lawsuit was filed for investors in shares of Westar Energy Inc (NYSE:WR) in connection with the proposed takeover and NYSE:WR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/26/2017 -- The Shareholders Foundation announces that an investor in NYSE:WR shares filed a lawsuit in effort to halt the buyout of Westar Energy Inc by Great Plains Energy Incorporated.
Investors who purchased shares of Westar Energy Inc (NYSE:WR) and currently hold any of those NYSE:WR shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:WR stockholders by agreeing to sell Westar Energy Inc cheaply via an unfair process to Great Plains Energy Incorporated.
On May 31, 2016, Great Plains Energy Incorporated, the parent company of KCP&L, and Westar Energy, Inc announced an agreement for Great Plains Energy to acquire Westar in a combined cash and stock transaction with an enterprise value of approximately $12.2 billion, including total equity value of approximately $8.6 billion. Under the terms of the agreement Westar shareholders will receive $60.00 per share of total consideration for each share of Westar common stock, consisting of $51.00 in cash and $9.00 in Great Plains Energy common stock.
However, plaintiff claims that the proposed consideration NYSE:WR shareholders will receive is grossly inadequate and undervalues Westar Energy Inc. In addition, the plaintiff alleges that the two companies have not been forthcoming with necessary financial information about the new company, such as failing to include earnings projections.
Those who are current investors in Westar Energy Inc (NYSE:WR) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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