MILWAUKEE, March 12, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of EPL for possible breaches of fiduciary duty and other violations of state law in connection with the sale of EPL to Energy.
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EPL's long-term financial outlook is very positive and yet EPL shareholders will receive only the equivalent of $39 for each share of EPL common stock. Energy is well aware of EPL's improving financial metrics and is purchasing EPL at a substantial discount. The merger agreement unreasonably limits prospective bids for EPL by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should EPL receive and accept a superior bid. EPL insiders, their affiliates and other majority shareholders own significant stock of EPL, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of EPL not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of EPL's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for EPL 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