Cases
Northern Tier Energy LP (NYSE : NTI)
Merger
Overview
Overview
- Date:
- 8/29/2016
- Company Name:
- Northern Tier Energy LP
- Stock Symbol:
- NTI
- Company Name - Buyer:
- WNR
- Class Period:
- FROM 6/23/2016
- Status:
- Closed/Complete
- Merger Announcement Date:
- 12/21/2015
- Court:
- U.S. District Court: Arizona
NEW YORK, August 29, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Arizona District Court on behalf of all persons or entities who held Northern Tier Energy LP (NYSE: NTI) securities on June 23, 2016 (the “Class Period”).
On December 21, 2015, NTI announced it had entered into an Agreement and Plan of Merger ("Merger Agreement") pursuant to which WNR would acquire the 61.6% of outstanding NTI common units it did not already own (the "Transaction"). The Transaction closed on June 23, 2016.
Pursuant to the terms of the Merger Agreement, which was unanimously approved by the Board, NTI's shareholders had the choice to elect to receive consideration, subject to proration, of either: (i) $15.00 in cash without interest and 0.2986 of a share of WNR Common Stock, or (ii) $26.06 in cash without interest, or (iii) 0.7036 of a share of WNR Common Stock ("Merger Consideration"). The complaint claims that the Merger Consideration was inadequate in light of the Company's recent financial performance and strong growth prospects.
The complaint alleges that the proxy statement/prospectus (the "Proxy") filed with the SEC on May 23, 2016 provided materially incomplete and misleading information about the Company and the Proposed Transaction, in violation of Sections 13(e), 14(a) and 20(a) of the Exchange Act and SEC Rules 14a-9 and 13e-3. The Proxy failed to provide NTI's shareholders with material information concerning the financial and procedural fairness of the Transaction.
If you held Northern Tier Energy LP. 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.
On December 21, 2015, NTI announced it had entered into an Agreement and Plan of Merger ("Merger Agreement") pursuant to which WNR would acquire the 61.6% of outstanding NTI common units it did not already own (the "Transaction"). The Transaction closed on June 23, 2016.
Pursuant to the terms of the Merger Agreement, which was unanimously approved by the Board, NTI's shareholders had the choice to elect to receive consideration, subject to proration, of either: (i) $15.00 in cash without interest and 0.2986 of a share of WNR Common Stock, or (ii) $26.06 in cash without interest, or (iii) 0.7036 of a share of WNR Common Stock ("Merger Consideration"). The complaint claims that the Merger Consideration was inadequate in light of the Company's recent financial performance and strong growth prospects.
The complaint alleges that the proxy statement/prospectus (the "Proxy") filed with the SEC on May 23, 2016 provided materially incomplete and misleading information about the Company and the Proposed Transaction, in violation of Sections 13(e), 14(a) and 20(a) of the Exchange Act and SEC Rules 14a-9 and 13e-3. The Proxy failed to provide NTI's shareholders with material information concerning the financial and procedural fairness of the Transaction.
If you held Northern Tier Energy LP. 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.