Energy Co. Investor Sues To Block $1B Purchase Deal

Law360, New York (March 9, 2011, 8:35 PM EST) -- A midstream energy company's shareholder filed suit in Delaware on Tuesday seeking to prevent its majority owner, Enterprise Products Partners LP, from acquiring the portion of the company it does not already own in a nearly $1 billion deal.

The proposed unit-for-unit exchange, which would value each Duncan Energy Partners LP common unit at around $42, is “unfair and grossly inadequate” considering the company's “anticipated continued growth,” according to a complaint lodged by Michael Crowley in the Delaware Court of Chancery.

The deal puts Duncan Energy’s...
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