Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of NuStar GP Holdings, LLC (NYSE: NSH) to a subsidiary of NuStar Energy L.P. (NYSE: NS). Under the terms of the transaction, NSH unitholders will receive 0.55 of a NuStar Energy common unit for each NSH unit they own.
The investigation concerns whether the Board of NSH breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether NuStar Energy L.P. is underpaying for NSH shares, thus unlawfully harming NSH shareholders. The Chairman of the Board of both NSH and NuStar Energy, William E. Greehey, who controls 21% of the outstanding NSH units, has agreed to vote the NSH units controlled by him in favor of the merger.
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