Cleco Corporation
CLECO (CNL) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Cleco Corporation
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Cleco Corporation (NYSE: CNL) (“Cleco” or the “Company”) relating to the sale of the Company to an investor group led by Macquarie Infrastructure and Real Assets, British Columbia Investment Management Corporation and John Hancock Financial (collectively the “Investor Group”). On October 20, 2014, the two parties announced the signing of a definitive merger agreement pursuant to which the Investor Group will acquire Cleco in a merger in a deal worth $4.7 billion (including debt). As a result of the merger, Cleco shareholders are only anticipated to receive $55.37 per share in cash.
In particular, Andrews & Springer is investigating the insufficient consideration that Cleco shareholders are expected to receive. Analysts at Yahoo! Finance have set a $58.00 per share price target for Cleco, which is approximately 4.7% more than what Cleco shareholders are expected to receive. Additionally, while the Company claims that shareholders will receive a premium for their shares, the Company recently traded as high as $58.95 as of June 30, 2014.
As a result of this information, Andrews & Springer is also investigating whether Cleco directors are breaching their fiduciary duties by failing to adequately shop the company and maximize shareholder value.
If you own shares of Cleco and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/CNL 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. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.