NEW YORK, July 16, 2015 /PRNewswire/ -- The proposed acquisition of MarkWest Energy Partners, L.P. ("MWE" or the "Company") by MPLX LP ("MPLX") is being investigated by WeissLaw LLP for possible violations of law by the Board of Directors of MWE. On July 13, 2015, the Company announced a definitive agreement for its sale to MPLX in a transaction valued at approximately $20 billion, inclusive of debt. Under the terms of the agreement, MWE unitholders will receive 1.09 MPLX common units and $3.37 in cash for each unit of MWE they own, implying a unit value of $67.41 based on MPLX's closing price on July 15, 2015.
WeissLaw is investigating whether MWE's Board acted to maximize shareholder value prior to entering into the agreement. Notably, prior to the announcement, at least one analyst set a price target of $86 per MWE unit, or approximately $19.00 above the offer price. Additionally, the Company's units traded for $69.13 as recently as April 21, 2015. The MWE offer price represents a mere 2 % premium over the April 21, 2015 trading price. Moreover, the Company recently announced positive financial results. It reported adjusted EBITDA of $229.7 million in the first quarter of this year, as compared to $187.6 million in the same period of the previous year, representing a 22.44% increase year-over-year.
Given these facts, WeissLaw is investigating the Board's decision to sell MWE and whether MWE unitholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own MWE units and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP