NEW YORK, Aug. 17, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Western Refining Logistics LP ("WNRL" or the "Company") (NYSE: WNRL) in connection with the proposed acquisition of the Company by Andeavor Logistics LP ("Andeavor") (NYSE:ANDX). On August 14, 2017, the Company announced that it had reached a definitive agreement for Andeavor to acquire all outstanding shares of WNRL in a stock-for-stock transaction. Under the terms of the agreement, the Company's shareholders will receive 0.5233 of a share of Andeavor for each WNRL share they own, representing consideration of $24.56 based on Andeavor's August 16 closing price.
WeissLaw is investigating whether WNRL's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $28.00.
Additionally, prior to the acquisition announcement, WNRL shares traded above the offer price. As recently as August 1, 2017, WNRL shares traded for $26.00, peaking in June when they traded for $26.85.
Finally, WNRL recently announced positive financial results for the second quarter of fiscal year 2017. In its August 8, 2017 press release, Doug Johnson, WNRL's President expressed great pleasure with the Company's performance, stating "WNRL had another successful quarter as we saw increases in net income, EBITDA, and distributable cash flow resulting in our 14th consecutive quarter of distribution growth."
Given these facts, WeissLaw is investigating whether WNRL's Board acted in the best interests of WNRL's public shareholders to maximize shareholder value prior to entering into the agreement. If you own WNRL shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/western-refining-logistics-lp/.
SOURCE WeissLaw LLP
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