Cases
Patriot Transportation Holding, Inc.
Merger
Overview
Overview
- Date:
- 11/2/2023
- Company Name:
- Patriot Transportation Holding, Inc.
- Stock Symbol:
- PATI
- Company Name - Buyer:
- United Petroleum Transports, Inc.
- Status:
- Closed/Complete
- Merger Announcement Date:
- 11/1/2023
NEW YORK, November 2, 2023 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Patriot Transportation Holding, Inc. (NASDAQ: PATI) (“Patriot”) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by United Petroleum Transports, Inc. (“UPT”).
On November 1, 2023, Patriot announced that it had entered into an agreement to be acquired by UPT in a $65.9 million all-cash deal. Pursuant to the merger agreement, UPT will acquire all of the outstanding shares of Patriot common stock for $16.26 per share. The deal is expected to close by early 2024.
Bragar Eagel & Squire is concerned that Patriot's board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Patriot's stockholders.
On November 1, 2023, Patriot announced that it had entered into an agreement to be acquired by UPT in a $65.9 million all-cash deal. Pursuant to the merger agreement, UPT will acquire all of the outstanding shares of Patriot common stock for $16.26 per share. The deal is expected to close by early 2024.
Bragar Eagel & Squire is concerned that Patriot's board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Patriot's stockholders.