February 16, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Empire District Electric Co (NYSE:EDE), was announced concerning whether the takeover of Empire District Electric Co. by Algonquin Power & Utilities Corp is unfair to NYSE:EDE stockholders.

The investigation by a law firm concerns whether certain officers and directors of Empire District Electric Co breached their fiduciary duties owed to NYSE:EDE investors in connection with the proposed acquisition.

On February 2, 2016, Algonquin Power & Utilities Corp. and The Empire District Electric Company announced that a subsidiary of Liberty Utilities Co., Algonquin Power & Utilities Corp's wholly owned regulated utility business, has entered into an agreement and plan of merger pursuant to which Liberty Utilities will indirectly acquire Empire District Electric Co (NYSE:EDE) and its subsidiaries . Under the terms of the all-cash transaction Empire District Electric Cos shareholders will receive US$34.00 per common NYSE:EDE share, representing an aggregate purchase price of approximately C$3.4 billion (US$2.4 billion), including the assumption of approximately C$1.3 billion (US$0.9 billion) of debt as of September 30, 2015.

However, the investigation concerns whether the offer is unfair to NYSE:EDE stockholders. More specifically, the investigation concerns whether the Empire District Electric 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.