AGR - AGR ALERT: The Law Firm of Andrews & Springer LLC Is Seeking More Cash for Shareholders of Avangrid Inc. | Benzinga
WILMINGTON, Del., May 20, 2024 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, is investigating potential breach of fiduciary duty claims against the Board of Directors of Avangrid, Inc. (NYSE:AGR) ("Avangrid" or the "Company") relating to the sale of the Company to Iberdrola, S.A. ("Iberdrola"), which owns and controls over 81% of Avangrid's stock. The two parties have announced that they reached an agreement in principle pursuant to which Iberdrola will acquire Avangrid in a going private merger. As a result of the merger, Avangrid shareholders are only anticipated to receive only $35.75 per share in cash in exchange for each share of Avangrid.
Andrews & Springer's investigation so far has discovered that the merger appears to have significant conflicts of interest, thus making the process and consideration unfair. Iberdrola controls over 81% of the vote and sits on both sides of the merger. The Company claims that ...