MILWAUKEE, Oct. 10, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of PVR for possible breaches of fiduciary duty and other violations of state law in connection with the sale of PVR to Regency.
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PVR's long-term financial outlook is very positive and yet PVR shareholders will receive only $28.68 for each PVR common unit, Class B Unit and Special Units. Regency is well aware of PVR's improving financial metrics and is purchasing PVR at a substantial discount. The merger agreement unreasonably limits prospective bids for PVR by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should PVR receive and accept a superior bid. PVR insiders, their affiliates and other majority holders own significant units of PVR, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of PVR not necessarily in the best interests of non-insider unit holders. In light of these facts, our investigation centers on the conduct of PVR's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all unit holders, and (ii) obtaining a fair and reasonable price for PVR given its current financial condition and prospects.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP