November 12, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold units of Targa Resources Partners LP (NYSE:NGLS), was announced concerning whether the takeover of Targa Resources Partners LP by Targa Resources Corp for a value of approximately $36.09 per unit is unfair to NYSE:NGLS unitholders.

The investigation by a law firm concerns whether certain officers and directors of Targa Resources Partners LP breached their fiduciary duties owed to NYSE:NGLS investors in connection with the proposed acquisition.

On November 03, 2015, Targa Resources Corp. (NYSE:TRGP) and Targa Resources Partners LP (NYSE:NGLS) announced that Targa Resources Corp will acquire all of the outstanding common units of Targa Resources Partners LP not already owned by Targa Resources Corp in an all stock-for-unit transaction at a ratio of 0.62 Targa Resources Corp common shares per common unit of Targa Resources Partners LP or approximately $36.09 per unit of Targa Resources Partners.

However, given that at least one analyst has set the high price target for NYSE:NGLS units at $55.00 per unit and that NYSE:NGLS units traded in early 2015 as high as $49.20, the
investigation concerns whether the offer is unfair to NYSE:NGLS unitholders. More specifically, the investigation concerns whether the Targa Resources Partners Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized unitholder value by negotiating the best price, and acted in the unitholders' best interests in connection with the proposed sale.

Targa Resources Partners LP reported that its annual Total Revenue rose from over $5.67 billion in 2012 to over $8.61 billion in 2014 and that its respective Net Income increased from $174.60 million to $467.70 million.

Units of Targa Resources Partners LP (NYSE:NGLS) traded as high as $74.40 per unit in August 2014.