Levi & Korsinsky is investigating the Board of Directors of Enterprise GP Holdings L.P. (“Enterprise GP” or the “Company”) (NYSE: EPE) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Enterprise Products Partners L.P. (“Enterprise Products Partners”) (NYSE: EPD).
New York, NY, September 08, 2010 — Under the terms of the transaction, EPE unitholders will receive 1.5 shares of EPD common units for each EPE limited partner unit they own. The deal values Enterprise GP shares around $57.68 for a total transaction value of approximately $8 billion.
Affiliates of privately-held Enterprise Products Company (“EPCO”) will continue to own the general partner of the combined entity. Also, certain affiliates of EPCO that own approximately 76 percent of the total number of outstanding EPE units have executed a support agreement pursuant to which they have agreed to vote their EPE units in favor of the merger.
The investigation concerns whether the Enterprise GP Board of Directors breached their fiduciary duties to Enterprise GP unitholders by failing to adequately shop the Company before entering into this transaction and whether Enterprise Products Partners is underpaying for Enterprise GP shares, thus unlawfully harming Enterprise GP unitholders. In particular, at least one analyst set a price target for Enterprise GP common units at $60.00 per unit.
If you are a unitholder in Enterprise GP and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500 or visit http://www.zlk.com/enterprise-gp-holdings.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
CONTACT: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Fax: (212) 363-7171, www.zlk.com
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Contact:
Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
