Kendall Law Group, led by former federal judge Joe Kendall, is investigating Massey Energy Co. (NYSE: MEE) for shareholders in connection with the proposed acquisition by Alpha Natural Resources. The national securities firm’s investigation seeks to determine whether Massey and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Massey shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at firstname.lastname@example.org.
On January 29, 2011, Alpha Natural Resources announced that is has agreed to buy Massey, in a transaction valued at approximately $7.1 billion. Under the terms of the agreement, Massey stockholders will receive 1.025 shares of Alpha stock (NYSE: ANR) and $10 in cash, for a total consideration value of $69.33 as of Friday’s market close, for each share of Massey/MEE common stock held. In November of 2010, Massey revealed that it was considering selling itself after receiving potential takeover offers. On Friday, The New York Times reported that “Massey was seen as an attractive acquisition because it has the largest reserves of metallurgical coal of any United States mining company,” and that the “company has identified exports to countries like India and Brazil, where strong demand has driven up global prices for the product, as key components of its future growth.” Due to these factors, the firm believes the transaction may be undervaluing the company.
Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.