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AGL Resources Inc. (NYSE:GAS) Investor Filed Lawsuit Against Acquisition By Southern Company

  • If you purchased shares of AGL Resources Inc. (NYSE:GAS) and currently hold any of those NYSE:GAS shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
AGL Resources Inc
Security
NYSE: GAS

Case Name
AGL Resources Deal Case 09/25/2015
Type of Lawsuit
Mergers and Acquisition
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Summary

September 28, 2015 (Shareholders Foundation) - An investor who currently holds shares of AGL Resources Inc. (NYSE:GAS), filed a lawsuit in effort to halt the proposed takeover of AGL Resources Inc. by Southern Company for $66 per share is unfair to NYSE:GAS stockholders.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:GAS stockholders by agreeing to sell AGL Resources Inc. too cheaply via an unfair process to Southern Company.

On August 24, 2015, Southern Company and AGL Resources Inc. (NYSE:GAS) announced that the boards of directors of both companies have approved a definitive merger agreement. Under the terms of the agreement, AGL Resources’ shareholders will be entitled to receive $66 in cash for each share of AGL Resources common stock.

However, the plaintiff claims that the proposed consideration NYSE:GAS shareholders will receive is grossly inadequate and undervalues AGL Resources Inc. AGL Resources Inc. reported that its annual Total Revenue rose from over $2.33 billion in 2011 to over $5.38 billion in 2014 and that its respective Net Income increased from $172.00 million to $482.00 million. Shares of AGL Resources Inc. (NYSE:GAS) grew from $36.94 per share in June 2012 to as high as $57.51 per share in January 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:GAS stockholders.