A lawsuit was filed for investors in shares of Questar Corporation (NYSE:STR) in connection with the proposed takeover was announced and NYSE:STR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/14/2016 -- A shareholder in Questar Corporation (NYSE:STR) filed a lawsuit against the takeover of Questar Corporation. by Dominion Resources, Inc for $25.00 per share.
Investors who purchased shares of Questar Corporation (NYSE:STR) and currently hold any of those NYSE:STR shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:STR stockholders by agreeing to sell Questar Corporation. too cheaply via an unfair process to Dominion Resources, Inc
On February 1, 2016, Dominion Resources, Inc. and Questar Corporation (NYSE:STR) announced an agreement for the companies to combine, in an all-cash transaction in which Dominion has agreed to pay Questar shareholders $25 per share - about $4.4 billion - and assume Questar's outstanding debt.
However, plaintiff claims that the proposed consideration NYSE:STR shareholders will receive is grossly inadequate and undervalues Questar Corporation. Indeed, at least one analyst has set the high target price for NYSE:STR shares at $26.00 per share. Furthermore, Questar Corporation reported that while its annual Total Revenue declined from over $1.22 billion in 2013 to over $1.18 billion in 2014 its respective Net Income increased from $161.20 million to $226.50 million. In addition, the plaintiff alleges that the process is also unfair to NYSE:STR stockholders. The plaintiff claims that the directors agreed to preclusive deal protection devices such as a $99 million termination fee provision, that deter other bidders from making a superior offer for Questar Corporation.
On March 10, 2016, NYSE:STR shares closed at $24.95 per share.
Those who are current investors in Questar Corporation (NYSE:STR) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com