MILWAUKEE, Jan. 30, 2013 (GLOBE NEWSWIRE) -- Ademi & O'Reilly, LLP is investigating the Board of Directors of Copano Energy, L.L.C. ("Copano" or the "Company") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Ontario Teachers' Pension Plan.
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Copano shareholders will receive $40.91for each share in the transaction. The merger agreement unreasonably limits prospective bids for Copano by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Copano receive and accept a superior bid. Copano insiders, their affiliates and other majority shareholders own significant voting stock of Copano, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of the Company not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Copano'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 Copano given its current financial condition and prospects.
If you own common stock in Copano and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/copano-energy-llc.
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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