The Briscoe Law Firm, PLLC, founded by a former enforcement lawyer and prosecutor in the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP, examines the possible legal advice against the Atlas Energy, Inc. ("Atlas Energy" and "ATL") (ATL 42.42, 10.70, 33.72%) associated with the proposed acquisition of Atlas Energy Chevron Corporation.
The definitive acquisition agreement, which announced on November 9, 2010, the transaction value of approximately 4.3 billion U.S. dollars, including debt. The proposed acquisition, Atlas Energy's shareholders will receive a cash payment of $ 38.25, and a proportionate part of a distribution of approximately 41 million pieces of Atlas Pipeline Holdings, LP, each of Atlas Energy / ATL ordinary shares they own. Based on the closing price of Atlas Pipeline Holdings shares on the date of the merger announcement, the total value of the Atlas Energy shareholders of approximately $ 43.34.
At least one analyst has predicted that the true intrinsic value of Atlas Energy / ATL ordinary shares could be as high as $ 64 per share. Based on the lack of significant support for the shareholders and other factors, the proposed transaction is underestimated Atlas Energy / ATL shares and not fair to the shareholders of Atlas Energy. The investigation related to any breach of fiduciary duty and other violations of state law by the Board of Directors approved the transaction, Atlas Energy and Atlas Energy's Board of Directors or the shareholders have acted in the interests'.