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Share Name | Share Symbol | Market | Type |
---|---|---|---|
K-Sea Transportation Partners Lp | NYSE:KSP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.14 | 0.00 | 01:00:00 |
The Law Office of Abe Shainberg is investigating the Board of Directors of K-Sea Transportation Partners L.P. (NYSE: KSP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Kirby Corporation (NYSE: KEX). Under the terms of the transaction, K-Sea shareholders can elect to receive either $8.15 in cash or $4.075 in cash plus 0.0734 of a share of Kirby common stock for each share of K-Sea they own. The total value of the transaction is approximately $600 million, consisting of $335 million for K-Sea's equity and the refinancing of $265 million of K-Sea debt. K-Sea’s general partner will receive $8.15 in cash for each general partner unit and $18 million in cash for K-Sea’s incentive distribution rights.
The investigation concerns whether the K-Sea Board of Directors breached their fiduciary duties to K-Sea stockholders by failing to adequately shop the Company before entering into this transaction and whether Kirby is underpaying for K-Sea shares, thus unlawfully harming K-Sea stockholders. For the most recent quarter, K-Sea reported a book value of $11.77 per share.
If you own common stock in K-Sea and wish to obtain additional information, please contact Abe Shainberg, Esq. either via email at as@ashainberglaw.com or by telephone at (212) 425-7286, or visit http://www.ashainberglaw.com/k-sea-transportation-partners.html.
Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
1 Year K Sea Chart |
1 Month K Sea Chart |
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