Copano Investor Targets $5B Kinder Morgan Merger

Law360, Los Angeles (February 6, 2013, 3:15 PM EST) -- A Copano Energy LLC shareholder hit the midstream natural gas company’s top executives with a proposed class action in Houston on Tuesday, saying a recently announced $5 billion sale to Kinder Morgan Energy Partners LP was undervalued, shortchanging stockholders.

Tuesday’s class action petition, filed by Copano investor William Schultes, comes shortly after a Jan. 29 announcement that Kinder Morgan would acquire TPG Capital-backed Copano in a stock-for stock deal valued at $5 billion, or $40.91 per share, including the assumption of debt.

Schultes says Copano’s CEO...
To view the full article, register now.