Susser Holdings Corporation (NYSE:SUSS) Investor Investigation of Possible Breaches Of Fiduciary Duties In Buyout Offer By Energy Transfer Partners, L.P.

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Company Name(s): 
Susser Holdings
Affected Securities: 

April 28, 2014 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Susser Holdings Corporation (NYSE:SUSS) shares, was announced concerning whether the takeover of Susser Holdings Corporation by Energy Transfer Partners, L.P. is unfair to NYSE:SUSS stockholders.

The investigation by a law firm concerns whether certain officers and directors of Susser Holdings breached their fiduciary duties owed to NYSE:SUSS investors in connection with the proposed acquisition.

On April 28, 2014, Energy Transfer Partners, L.P. announced that it has entered into a merger agreement whereby Energy Transfer Partners, L.P. plans to acquire Susser Holdings Corporation (NYSE:SUSS) in a unit and cash transaction valued at a total consideration of approximately $1.8 billion.

Under the terms of the merger agreement the shareholders of Susser Holdings Corporation (NYSE:SUSS) will have the option to elect to receive either $80.25 in cash or 1.4506 ETP common units, or a combination of both, for each NYSE:SUSS share held.

However, given that Energy Transfer Partners, L.P. has already entered into a support agreement with shareholders representing 10% of the outstanding Susser Holdings’ shares, pursuant to which such shareholders have agreed to vote their shares in favor of the merger, the investigation concerns whether the offer is unfair to NYSE:SUSS stockholders. More specifically, the investigation concerns whether the Susser Holdings Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Susser Holdings Corporation reported that its Total Revenue rose from over $3.93 billion for the 52 weeks period that ended on Jan. 2, 2011 to over $6.21 billion for the 12 months period that ended on Dec. 29, 2013. Shares of Susser Holdings Corporation (NYSE:SUSS) grew from $8.38 per share in early 2010 to as high as $67.78 per share in March 2014.