Plains Hit With Shareholder Class Action Over $750M Offer

Law360, Houston (September 11, 2013, 9:39 PM EDT) -- Houston-based Plains All American Pipeline LP was hit with a proposed class action in Texas state court on Monday by unit holders of a listed subsidiary who claim the company’s $750 million bid to buy them out is too low.

Putative lead plaintiffs Robert and Teresa Vicars say Plains’ offer to swap 0.435 shares of its own stock for each unit of PAA Natural Gas Storage LP it does not already own will yield a “paltry” return for unit holders while enriching Plains and its executives....
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