MILWAUKEE, May 6, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Crestwood for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Crestwood to Inergy.
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Crestwood's long-term financial outlook is very positive and yet Crestwood shareholders will receive only a 14% premium for their units. Inergy is well aware of Crestwood's improving financial metrics and is purchasing Crestwood at a substantial discount. The merger agreement unreasonably limits prospective bids for Crestwood by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Crestwood receive and accept a superior bid. Crestwood insiders, their affiliates and other majority shareholders own significant voting units of Crestwood, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Crestwood not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Crestwood'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 Crestwood given its current financial condition and prospects.
If you own public units in Crestwood 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/crestwood-midstream-partners-lp.
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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