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SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
NEW YORK, Oct. 22, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of PAA Natural Gas Storage, L.P. ("PNG" or the "Company") (NYSE-MKT: PNG) (ISIN: US6931391071) (CUSIP: 693139107) concerning the proposed acquisition of PNG by Plains All American Pipeline, L.P. ("PAA" or the "Company").
The investigation concerns whether the PNG directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. PNG's public unitholders will receive 0.445 common units of PAA per PNG common unit surrendered pursuant to the Merger Agreement, plus cash in lieu of any fractional common units of PAA. However, the deal value is $23.12 per share, which is below the Company's 52-week high of $23.59.
PNG shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at firstname.lastname@example.org or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
212-661-1100 ext. 237
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