Robbins umeda llp announces an investigation of ch energy group, inc.

San diego--(business wire)--shareholder rights firm robbins umeda llp has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of ch energy group, inc. (nyse: chg) in connection with their efforts to sell the company to fortis inc. (tsx: ftx). concerned shareholders who would like more information about their rights and potential remedies can contact attorney gregory e. del gaizo at (800) 350-6003, info@robbinsumeda.com, or via the shareholder information form on the firm's website. on february 21, 2012, ch energy group announced that it had entered into a definitive merger agreement to be acquired by fortis in an all-cash transaction. according to the terms of the deal, ch energy group shareholders will receive $65.00 for each share of the company they own. the transaction is expected to close within the next 12 months. robbins umeda llp's investigation focuses on whether ch energy group's board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company's recent positive financial results. on february 16, 2012, ch energy group reported financial results for the fourth quarter of fiscal year 2011 that beat analyst expectations. the company reported a diluted eps of $0.94, while analysts polled by bloomberg had only been expecting eps of $0.82. the $0.94 eps represented a 56.67% increase compared to the $0.60 eps reported by the company during the same quarter of the previous year. in addition, at least one market analyst has released a target price for ch energy group that values the company's stock at $69.00 per share, higher than the value being offered by fortis as a part of the proposed transaction. robbins umeda is also investigating whether self-dealing and other employment guarantees played a part in the decision by ch energy group to enter into the agreement with fortis. according to the terms of the deal, ch energy group will retain substantial autonomy in the surviving corporation. the company's management team and headquarters will remain in poughkeepsie, while as many as three members of ch energy group's current board of directors will be retained by fortis. robbins umeda attorneys highlight that ch energy group shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company's shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner. robbins umeda llp is a nationally recognized leader in securities litigation and shareholder rights law. the firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. for more information, please go to http://www.robbinsumeda.com. press release link: http://www.robbinsumeda.com/shareholders-rights-blog/ch-energy-group-inc/ attorney advertising. past results do not guarantee a similar outcome.
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