SOURCE: Brower Piven, A Professional Corporation

March 11, 2011 12:39 ET

Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of Duncan Energy Partners, L.P. by Enterprise Products Partners, L.P.

STEVENSON, MD--(Marketwire - Mar 11, 2011) - The law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the Delaware Chancery Court on behalf of all shareholders of Duncan Energy Partners, L.P. ("Duncan") (NYSE: DEP).

The complaint alleges violations of state law by the Board of Directors of Duncan relating to the proposed acquisition of the company by Enterprise Products Partners, L.P. ("Enterprise") (NYSE: EPD). The complaint alleges that Duncan's Board of Directors breached their fiduciary duties by failing to maximize shareholder value, among other things.

According to the complaint, on February 23, 2011, Enterprise proposed consideration of 0.9545 common units of Enterprise for each outstanding common unit of Duncan, which represents a value of approximately $42.00 for each Duncan common unit, in a transaction to be structured as a merger of Duncan with a wholly-owned subsidiary of Enterprise. The complaint states that Enterprise, through its wholly-owned subsidiary Enterprise Products Operating LLC, beneficially owns 100% of Duncan's general partner, DEP Holdings, LLC ("DEP GP"), and currently owns 58.5% of Duncan's common units. The complaint alleges that, due to Enterprise's control of Duncan and DEP GP, Duncan and its Board of Directors have engaged in conduct that has allowed them to stand on both sides of the proposed transaction, negotiating for their benefit to the detriment of Duncan's public shareholders. Moreover, the complaint alleges that the Board has conflicts of interest that put them at odds with Duncan's public shareholders and that the Board's dual loyalties to Enterprise and Duncan make it impossible for them to consider the fairness of the proposed transaction in a way that benefits Duncan and its shareholders.

If you are a current owner of shares of Duncan, you may obtain additional information about this lawsuit by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact