NEW YORK, Aug. 17, 2017 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Western Refining
Logistics LP ("WNRL" or the "Company") (NYSE: WNRL) in connection
with the proposed acquisition of the Company by Andeavor Logistics
LP ("Andeavor") (NYSE:ANDX). On August
14, 2017, the Company announced that it had reached a
definitive agreement for Andeavor to acquire all outstanding shares
of WNRL in a stock-for-stock transaction. Under the terms of
the agreement, the Company's shareholders will receive 0.5233 of a
share of Andeavor for each WNRL share they own, representing
consideration of $24.56 based on
Andeavor's August 16 closing
price.
WeissLaw is investigating whether WNRL's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $28.00.
Additionally, prior to the acquisition announcement, WNRL shares
traded above the offer price. As recently as
August 1, 2017, WNRL shares traded
for $26.00, peaking in June when they
traded for $26.85.
Finally, WNRL recently announced positive financial results for
the second quarter of fiscal year 2017. In its August 8, 2017 press release, Doug Johnson, WNRL's President expressed great
pleasure with the Company's performance, stating "WNRL had another
successful quarter as we saw increases in net income, EBITDA, and
distributable cash flow resulting in our 14th consecutive quarter
of distribution growth."
Given these facts, WeissLaw is investigating whether WNRL's
Board acted in the best interests of WNRL's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own WNRL shares 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/western-refining-logistics-lp/.
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SOURCE WeissLaw LLP