SAN DIEGO--(BUSINESS WIRE)--
Shareholder rights law firm Johnson & Weaver, LLP has launched an
investigation into whether the board members of UIL Holdings Corporation
(NYSE: UIL), a regulated utility, breached their fiduciary duties in
connection with the proposed sale of the company to Spanish utility
Iberdrola SA.
If you are a UIL shareholder and would like additional information
concerning your legal rights, please contact Johnson & Weaver's lead
analyst Jim Baker at [email protected]
or 619-814-4471. If emailing, please include a phone number where you
can be reached.
Additional Information:
UIL operates in the regulated utility businesses. The company operates
in the Electric Distribution, Electric Transmission, and Gas
Distribution segments. It is involved in the purchase, transmission,
distribution, and sale of electricity for residential, commercial, and
industrial purposes in Southwestern Connecticut.
On February 25, 2015, UIL and Iberdrola entered into an agreement
whereby Iberdrola will acquire UIL. Under the terms of the agreement,
Iberdrola will combine its U.S. unit with UIL and list the new company
on a U.S. exchange. At closing, UIL shareholders to receive one share in
the newly-listed U.S. Company for each UIL share plus a cash payment of
$10.50. UIL shareholders will own 18.5% of the new Company. The proposed
deal implies a total value of $52.75 per share. The value of the stock
consideration is hypothetical based on the mid-point of the combined
company's estimated 2016 and 2017 earnings per share valued at peer P/E
multiples of 17.5x and 16.5x, respectively.
Nationally recognized Johnson & Weaver, which focuses its practice on
shareholder rights, is investigating whether UIL's board failed to
satisfy their duties to the Company shareholders, including whether the
board adequately pursued alternatives to the acquisition and whether the
board obtained the best price possible for UIL's shares of common stock.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law
firm with offices in California, New York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more information
about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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