SAN DIEGO and HONOLULU,
Dec. 4, 2014 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Hawaiian Electric
Industries, Inc. (NYSE: HE) by NextEra Energy, Inc. (NYSE:
NEE). On December 3, 2014, the
two companies announced the signing of a definitive merger
agreement pursuant to which NextEra Energy will acquire Hawaiian
Electric. Under the terms of the agreement, Hawaiian Electric
shareholders will receive $33.50 for
each share of Hawaiian Electric common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/hawaiian-electric-industries-inc
Is the Proposed Acquisition Best for Hawaiian Electric and
Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Hawaiian Electric is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $33.50
merger consideration represents a premium of only 18.8% based on
Hawaiian Electric's closing price on December 2, 2014. This premium is below the
average one day premium of nearly 22.4% for comparable transactions
within the past year.
On November 6, 2014, Hawaiian
Electric released its earnings results for its third quarter 2014,
reporting strong quarterly earnings. Net income for the third
quarter of 2014 was $38.9 million
compared to $37.8 million in the
third quarter of 2013, an increase of approximately 3%. Revenue for
the third quarter of 2014 was $867
million compared to $829
million in the third quarter of 2013, an increase of
approximately 4.5%. Further, Hawaiian Electric beat consensus
analyst estimates for adjusted EPS and adjusted net income in every
quarter for the past year.
In light of these facts, Robbins Arroyo LLP is examining
Hawaiian Electric's board of directors' decision to sell the
company now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Hawaiian Electric shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Hawaiian Electric shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP