Robbins Umeda LLP Announces an Investigation of the Acquisition of Enterprise GP Holdings L.P. by Enterprise Products Partners L.P.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors (“Board”) of Enterprise GP Holdings L.P. (“Enterprise” or the “Company”) (NYSE: EPE) in connection with their efforts to sell Enterprise to Enterprise Products Partners L.P. (“EPD”) through a unit-for-unit exchange. The transaction would result in Enterprise becoming a wholly owned subsidiary of EPD. If the transaction is completed, Enterprise unitholders will receive 1.5 EPD common units in exchange for each Enterprise limited partner unit they own at closing, for an implied value of $57.68 per unit based on EPD’s closing price on September 3, 2010. The transaction is expected to close during the fourth quarter of this year.
Robbins Umeda LLP’s investigation concerns whether Enterprise’s Board undertook a fair process to obtain fair consideration for all unitholders of Enterprise. Specifically, our investigation concerns whether the members of the Company’s Board breached their fiduciary duties to Enterprise unitholders by failing to adequately shop the Company before entering into the transaction with EPD. Notably, at least one analyst set a target price of $60 per unit for Enterprise, which is $2.32 higher than implied value of EPD’s offer.
If you are a unitholder of Enterprise GP Holdings L.P., plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.