WILMINGTON, Del., June 23, 2014 /PRNewswire/ -- 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 Integrys Energy Group Inc. ("Integrys" or the "Company") (NYSE: TEG) relating to the sale of the Company to Wisconsin Energy Corp. (NYSE: WEC) ("WEC"). On June 23, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which WEC will acquire Integrys in a merger valued at roughly $9.1 billion. As a result of the merger, Integrys shareholders are only anticipated to receive a fixed ratio of 1.128 shares of WEC plus $18.58 in cash in exchange for each share of Integrys they own. The total consideration Integrys shareholders anticipate receiving is roughly $71.47 per share.
Andrews & Springer's investigation focuses on the insufficient consideration that Integrys shareholders are expected to receive. Following the merger, Integrys shareholders are expected to be substantially diluted, owning only 28% of the combined company. Additionally, the 1.128 fixed exchange ratio restricts the value that Integrys are expected to receive by exposing Integrys shareholders to the volatility of WEC's share price. This year alone, WEC has traded as high as $48.42 per share on April 16, 2014 and as low as $42.88 on February 12, 2014.
Andrews & Springer is investigating whether Integrys directors are breaching their fiduciary duties by failing to adequately shop the company and maximize shareholder value. Andrews & Springer is also investigating the fairness of the sales process conducted by Lazard.
If you own shares of Integrys and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/teg 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.
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