The complaint alleges breach of fiduciary duties arising out of the Copano's attempt to sell the Company to Kinder Morgan Energy Partners, L.P. ("KMP") by means of an unfair process and for an unfair price, and whether the Copano Board of Directors breached their fiduciary duties by failing to adequately shop the Company before entering into this transaction.
On January 29, 2013, the Company announced an agreement to sell to KMP. Under the terms of the agreement, Copano shareholders will receive 0.4563 of a KMP share for each share of Copano they own, representing a value of approximately $40.91 a share. The transaction has a total approximate value of $5 billion, including the assumption of debt.
