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KKR Financial Holdings LLC (NYSE:KFN) Investor Files Lawsuit Over Alleged Wrongdoing In Takeover

  • If you purchased shares of KKR Financial Holdings LLC (NYSE:KFN) and currently hold any of those NYSE:KFN 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
KKR Financial Holdings LLC
Security
NYSE: KFN

Case Name
KKR Financial Holdings Deal Case 01/24/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

January 28, 2014 (Shareholders Foundation) - An investor who currently holds shares of KKR Financial Holdings LLC (NYSE:KFN) filed a lawsuit in effort to halt the proposed takeover of KKR Financial Holdings LLC by KKR & Co. L.P. for a value of $12.79 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:KFN stockholders arising out of the attempt to sell KKR Financial Holdings LLC too cheaply via an unfair process to KKR & Co. L.P.

On December 16, 2013, KKR & Co. L.P. (NYSE:KKR) and KKR Financial Holdings LLC (NYSE:KFN) announced the signing of a merger agreement where KKR & Co. L.P. will acquire KKR Financial Holdings LLC through a stock-for-stock merger that values KKR Financial Holdings LLC at $2.6 billion. Under the agreement shareholders of KKR Financial Holdings LLC will receive 0.51 common units of KKR & Co. L.P. for each common share of KKR Financial Holdings LLC. Based on KKR & Co. L.P.'s closing price as of December 16, 2013, the exchange ratio equates to a value of $12.79 per common share of KKR Financial Holdings LLC.

However, the plaintiff alleges that the $12.79-offer is too low and undervalues KKR Financial Holdings LLC. and that the process is unfair to NYSE:KFN investors. NYSE:KFN shares grew from $0.48 per share in early 2009 to as high as $11.42 per share in early 2013.

On January 28, 2014, NYSE:KFN shares closed at $12.23 per share.