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Diane A. Nygaard was appointed co-lead counsel to represent stockholders of Kinder Morgan, Inc. in litigation that initially challenged the proposed leveraged buyout (LBO) acquisition of Kinder Morgan by a group lead by its largest stockholder and the company's chairman, Richard Kinder.
Richard Kinder's group announced a $100 per share merger proposal on May 28, 2006. Petitions were filed in the District Court of Shawnee County, Kansas on June 9, 2006, seeking to require that the Kinder Morgan board of directors fulfill its fiduciary duties and obligations to the Company's public shareholders in the face of the "going-private" takeover proposal.
On August 1, 2006, the District Court of Shawnee County, Kansas appointed Plaintiffs Robert P. Land and Dr. Douglas Geiger as co-lead Plaintiffs. The Court further appointed Diane Nygaard as interim co-lead Counsel for the Plaintiffs.
On August 28, 2006, KMI announced that it had agreed with the Buyout Group to be acquired in a going private transaction for $107.50 per share. Plaintiffs filed their Consolidated and Amended Class Action Petition on August 28, 2006. The Consolidated and Amended Class Action Petition alleges that the value of KMI's shares is materially in excess of the $107.50 agreed to in connection with the Buyout, that the consideration is inadequate and represents an attempt by the Buyout Group to wield its control to force out the public shareholders in order to reward itself with the profits rightfully belonging to the Plaintiffs and KMI's public shareholders, and that the proposed offer was timed to take advantage of a slump in the share price of KMI that immediately preceded the initial Buyout offer. On October 2, 2006, Plaintiffs filed their Second Consolidated and Amended Class Action Petition.
Copies of the Petitions and Other Orders in this case:
For more information, contact:
Diane A. Nygaard
The Nygaard Law Firm
4501 College Boulevard
Suite 260
Leawood, Kansas 66211
(913) 469-5544
diane@nygaardlaw.com
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