Cases
Spectra Energy Corporation (NYSE : SE)
Merger
Overview
Overview
- Date:
- 10/18/2016
- Company Name:
- Spectra Energy Corporation
- Stock Symbol:
- SE
- Company Name - Buyer:
- Enbridge, Inc.
- Class Period:
- FROM 10/10/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of Texas
NEW YORK, October 18, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Texas Southern District Court on behalf of all persons or entities who held Spectra Energy Corporation (NYSE: SE) securities on October 10, 2016 (the “Class Period”).
The complaint charges Spectra and its Board of Directors for their violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934 in connection with the proposed merger between Spectra and Enbridge, Inc. According to the Merger Agreement, Enbridge would acquire all of the outstanding shares of Spectra common shares in an all-stock transaction for 0.984 of a Enbridge common share per Spectra common share for a value of $40.33 per share based on the September 2, 2016 Enbridge closing price of $40.99.
The $40.33 per share implied value represents only an 8% premium over the Company’s high closing price of $37.05. Furthermore, the Board agreed to lock up the Merger with deal protection devices that preclude other bidders from making a successful competing offer for the Company.
On September 23, 2016, Enbridge filed a Registration Statement on Form F-4 with the SEC, which recommends that shareholders vote in favor of the Proposed Transaction. However, the Registration Statement fails to provide the Company’s shareholders with material information and/or provides them with materially misleading information, thereby rendering the shareholders unable to make an informed decision on whether to approve the Proposed Transaction.
If you held Spectra securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint charges Spectra and its Board of Directors for their violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934 in connection with the proposed merger between Spectra and Enbridge, Inc. According to the Merger Agreement, Enbridge would acquire all of the outstanding shares of Spectra common shares in an all-stock transaction for 0.984 of a Enbridge common share per Spectra common share for a value of $40.33 per share based on the September 2, 2016 Enbridge closing price of $40.99.
The $40.33 per share implied value represents only an 8% premium over the Company’s high closing price of $37.05. Furthermore, the Board agreed to lock up the Merger with deal protection devices that preclude other bidders from making a successful competing offer for the Company.
On September 23, 2016, Enbridge filed a Registration Statement on Form F-4 with the SEC, which recommends that shareholders vote in favor of the Proposed Transaction. However, the Registration Statement fails to provide the Company’s shareholders with material information and/or provides them with materially misleading information, thereby rendering the shareholders unable to make an informed decision on whether to approve the Proposed Transaction.
If you held Spectra securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.