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If you purchased units of Crestwood Midstream Partners LP (NYSE:CMLP) and currently hold any of those NYSE:CMLP units, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
May 12, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold units of Crestwood Midstream Partners LP (NYSE:CMLP), was announced concerning whether the takeover of Crestwood Midstream Partners LP by Crestwood Equity Partners LP for a value of approximately $18.76 per unit is unfair to NYSE:CMLP stockholders.
The investigation by a law firm concerns whether certain officers and directors of Crestwood Midstream Partners breached their fiduciary duties owed to NYSE:CMLP investors in connection with the proposed acquisition.
On May 6, 2015, Crestwood Equity Partners LP (NYSE:CEQP) and Crestwood Midstream Partners LP (NYSE:CMLP) announced the signing of a definitive agreement to merge the two partnerships. Under the terms of the merger agreement, Crestwood Midstream Partners LP (NYSE:CMLP will merge with a newly formed subsidiary of Crestwood Equity Partners LP in a merger in which Crestwood Midstream Partners LP (NYSE:CMLP) unitholders will receive 2.75 units of Crestwood Equity for each unit of Crestwood Midstream they own. C Crestwood Midstream Partners LP (NYSE:CMLP) unitholders will receive a value of approximately $18.76 for each NYSE:CMLP unit they own.
However, given that at least one analyst has set the high target price for NYSE:CMLP units at $26.00 per share and that NYSE:CMLP units traded as recently as April 2014 as high as $24.07 per share, the investigation concerns whether the offer is unfair to NYSE:CMLP stockholders. More specifically, the investigation concerns whether the Crestwood Midstream Partners Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Crestwood Midstream Partners LP reported that its annual Total Revenue rose from $163.20 million in 2011 to over $2.56 billion in 2014. Shares of Crestwood Midstream Partners LP (NYSE:CMLP) traded during 2013 as high as $25.06 per share.
