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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 | 00:00:00 |
The Law Office of Joseph Klein 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 (“Kirby”) (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 per share of K-Sea. 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. K-Sea reported a book value of $11.77 per share, for the most recent quarter.
If you own common stock in K-Sea and wish to obtain additional information, please contact Joseph Klein, Esq. directly, via email at jk@jkleinlawfirm.com, by telephone at 718-947-0005, Toll Free: 877-STOK-180, or visit http://www.jkleinlawfirm.com/k-sea-transportation-ksp.html.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
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