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TECO Energy, Inc. (NYSE:TE) Investor Filed Lawsuit Against Acquisition By Emera Inc

  • If you purchased shares of TECO Energy, Inc. (NYSE:TE) and currently hold any of those NYSE:TE 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
TECO Energy, Inc.
Security
NYSE: TE

Case Name
TECO Energy Deal Case 11/12/2015
Type of Lawsuit
Mergers and Acquisition
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Summary

November 12, 2015 (Shareholders Foundation) - An investor who currently holds shares of TECO Energy, Inc. (NYSE:TE), filed a lawsuit in effort to halt the proposed takeover of TECO Energy, Inc. by Emera Inc for $22.55 per share is unfair.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:TE stockholders by agreeing to sell TECO Energy, Inc. too cheaply via an unfair process to Emera Inc.

On September 4, 2015, Emera Inc. (TSX: EMA) and TECO Energy, Inc. (NYSE:TE) announced an agreement for Emera to acquire TECO Energy. Under the terms of the all-cash deal, TECO Energy shareholders will receive US$27.55 per common share.

However, the plaintiff claims that the proposed consideration NYSE:TE shareholders will receive is grossly inadequate and undervalues TECO Energy, Inc. TECO Energy, Inc. reported that its annual Total Revenue rose from over $2.35 billion in 2013 to over $2.56 billion in 2014. In addition, the plaintiff alleges that the process is also unfair to NYSE:TE stockholders