August 30, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of PAA Natural Gas Storage, L.P. (NYSE:PNG) shares, was announced concerning whether the takeover of PAA Natural Gas Storage, L.P. by Plains All American Pipeline, L.P. for $22.74 per NYSE:PNG share is unfair to NYSE:PNG stockholders.

The investigation by a law firm concerns whether certain officers and directors of PAA Natural Gas Storage, L.P. breached their fiduciary duties owed NYSE:PNG investors in connection with the proposed acquisition.

On August 27, 2013, PAA Natural Gas Storage, L.P. (NYSE:PNG) announced that the independent directors of the board of directors of PAA Natural Gas Storage, L.P.'s general partner received a proposal from Plains All American Pipeline, L.P. (NYSE: PAA), whereby Plains All American Pipeline, L.P. would acquire all of PAA Natural Gas Storage, L.P.'s outstanding publicly held common units through a unit-for-unit exchange. Plains All American Pipeline, L.P. is proposing consideration of 0.435 common units of Plains All American Pipeline, L.P. for each issued and outstanding publicly held PAA Natural Gas Storage, L.P. common unit in a transaction that would be structured as a merger of PAA Natural Gas Storage, L.P. with a wholly owned subsidiary of Plains All American Pipeline, L.P..
The proposed consideration represents a value per PAA Natural Gas Storage, L.P. common unit of $22.74 based on the trailing 10-day average closing price of Plains All American Pipeline, L.P.'s common units through August 26, 2013.

However, at least one analyst has set the high target price for NYSE: PNG shares at $23.00 per share and that following the announcement NYSE: PNG shares jumped in the open market to $23.03 per share, the investigation concerns whether the $22.74-offer is unfair to NYSE:PNG stockholders. More specifically, given that Plains All American Pipeline, L.P. owns approximately 28.2 million common units of PAA Natural Gas Storage, L.P., which represents approximately 46% of PAA Natural Gas Storage, L.P.'s issued and outstanding common units. Plains All American Pipeline, L.P. also owns PNG's general partner, as well as all of PAA Natural Gas Storage, L.P.'s incentive distribution rights and all of its Series A subordinated units (approximately 11.9 million units) and Series B subordinated units (13.5 million units), the investigation concerns whether the PAA Natural Gas Storage 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.

PAA Natural Gas Storage, L.P. reported that its annual Total Revenue rose from $72.18 million in 2009 to $387.66 million in 2012 and that its respective Net Income increased from $18.01 million to $73.30 million. Shares of PAA Natural Gas Storage, L.P. (NYSE:PNG) grew from $15.91 per share in October 2011 to $22.69 per share in April 2013.

On August 29, 2013, NYSE:PNG shares closed at $22.73 per share.