Plains Faces 2nd Shareholder Class Over $1.4B Buyout
By Kat Greene
Law360, Los Angeles (November 15, 2013, 10:35 PM EST) -- A putative class of shareholders in a unit of Plains All American Pipeline LP filed suit in Texas federal court Friday against the pipeline transporter, alleging the company's $1.4 million proposal to buy out one of its units valued the company unfairly.
Shareholder Robert Evans is seeking to represent a class with a stake in PAA Natural Gas Storage LP, the unit of Plains targeted in the transaction. The deal is unfair to shareholders because Plains is essentially giving itself a discount on the purchase of...