Florida Public Utilities Company Investor Investigation

If you have more information regarding the investigation and/or currently hold Florida Public Utilities Company (AMEX: FPU) shares and purchased your FPU shares before the proposed takeover, you have certain options and you should contact the Shareholders Foundation, Inc. immediately!

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Florida Public Utilities Co.
Affected Securities: 
AMEX: FPU

Chesapeake Utilities Corp., a natural gas and propane provider, said Monday that it agreed to acquire Florida Public Utilities Co. for about $73.5 million in stock. An investigation on behalf of current investors in Florida Public Utilities Company (Public, AMEX:FPU) over potential breaches of the board of directors of Florida Public Utilities was announced.

According to the investigation by a law firm the investigation on behalf of current investors in Florida Public Utilities Company (AMEX: FPU) shares focuses on possible breaches of ficudiary duty by the board of directors of FPU arising out of their attempt to sell FPU to Chesapeake Utilities Corp. Chesapeake Utilities Corp., announced that it agreed to acquire Florida Public Utilities Company (AMEX: FPU) for about $73.5 million in stock. Under the agreement, Florida Public Utilities Company Public shareholders will receive 0.405 shares of Chesapeake Utilities Corp common stock (NYSE: CPK) in exchange for each of their outstanding Florida Public Utilities Co shares (AMEX: FPU). Based on Chesapeake's Friday closing stock price of $29.65, the deal is worth about $12.01 per Florida Public share, or a total of about $73.5 million based on the company's 6.1 million outstanding shares. The deal was unanimously approved by the boards of both companies on Friday. Chesapeake Utilities Corp expects the addition to create a combined energy company serving about 200,000 customers in the Mid-Atlantic and Florida markets with $595 million in assets. Florida Public Utilities Company provides natural gas, electricity and propane gas to residential, commercial and industrial customers in Florida. The Company has three segments: natural gas, electric and propane gas. Florida Public Utilities Company is located in West Palm Beach, Florida and shares of Florida Public Utilities Company traded on Monday at $11.40 per share, down from over $13 in August 2008 and over $16 in 2005. Florida Public Utilities Company had $136.54million in total revenue in 2007 and $168.55million in 2008, with a net income of $3.3million in 2007 and $3.49million in 2008.