WILMINGTON, Del., Dec. 1, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed by another law firm on behalf of unitholders of Oiltanking Partners, L.P. (NYSE:OILT) ("Oiltanking" or the "Company") seeking to challenge the Company's recently announced merger.
If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On November 12, 2014, Oiltanking and Enterprise Products Partners L.P. ("Enterprise") announced the signing of a definitive merger agreement pursuant to which Enterprise will acquire Oiltanking in a merger in a deal worth $1.4 billion. As a result of the merger, Oiltanking unitholders are only anticipated to receive a fixed ratio of 1.3 common units of Enterprise in exchange for each unit of Oiltanking. The consideration that Oiltanking unitholders are expected to receive is insufficient and fails to adequately compensate Oiltanking's unitholders. Analysts at Yahoo! Finance have set a $61.00 per unit price target for Oiltanking, which is approximately 18.67% more than what Oiltanking unitholders are expected to receive based on Enterprise's unit price as of November 21, 2014. Following the merger, Oiltanking unitholders are expected to be substantially diluted owning a smaller percentage of the surviving company. Additionally, the 1.3 fixed exchange ratio restricts the value that Oiltanking unitholders are expected to receive by exposing Oiltanking unitholders to the volatility of Enterprise's unit price. In this year alone, Enterprise has traded as low as $32.32 on February 5, 2014.
On November 20, 2014, an Oiltanking unitholder represented by another law firm has filed a class action complaint challenging Oiltanking's merger with Enterprise. The complaint was filed in the United States District Court, Southern District of Texas, Houston Division, Civil Action No. 4:14-cv-3343.
If you own units/shares of Oiltanking and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/OILT or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.