Tripp Levy PLLC Investigates Proposed Acquisition of CNX GAS
22 Marzo 2010 - 6:17PM
Business Wire
Tripp Levy PLLC announces an investigation into the proposed
acquisition of CNX Gas Corp. (NYSE: CXG). On March 22, 2010, CONSOL
Energy Inc. (NYSE: CNX) announced that it has entered into an
agreement with T. Rowe Price Associates, Inc., on behalf of its
investment advisory clients owning approximately 9.5 million shares
of CNX Gas common stock, or approximately 37% of the shares of CNX
Gas that CONSOL Energy does not currently own. Under the agreement,
CONSOL Energy has agreed to commence a tender offer by May 5, 2010
to acquire all of the shares of CNX Gas common stock that it does
not currently own at a price of $38.25, in cash, per share, and T.
Rowe Price has agreed to tender its shares of CNX Gas common stock
that its investment advisory clients own into the offer. CONSOL
Energy currently owns approximately 83.3% of the approximately 151
million shares of CNX Gas common stock outstanding.
The investigation concerns, among other things, whether the
consideration to be paid to CNX Gas shareholders is grossly unfair,
inadequate, and substantially below the fair or inherent value of
CNX Gas. The investigation further concerns whether the directors
of CNX Gas and/or CONSOL Energy may have breached their fiduciary
duties by not acting in CNX Gas shareholders' best interests in
connection with the sale process of CNX Gas.
If you own CNX Gas common stock and you wish to discuss this
matter with us, or have any questions concerning your rights and
interests with regard to this matter, please contact
Tripp Levy
Tripp Levy PLLC
New York, New York
Toll Free: 877-772-3975
Email: contact@tripplevy.com
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