|[January 03, 2014]
SHAREHOLDER ALERT: Law Firm Brower Piven Announces Class Action Lawsuit in Connection With Claims of Breaches of Fiduciary Duty by the Board of KKR Financial Holdings LLC in Connection With a Proposed Buyout
STEVENSON, Md. --(Business Wire)--
The securities litigation 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 common stockholders of KKR
Financial Holdings LLC ("KFN" or the "Company") (NYSE: KFN).
The lawsuit arises out of the attempt to sell the Company to KKR & Co.
L.P. ("KKR"). According to the complaint, the proposed transaction was
agreed upon through an unfair process and for inadequate consideration.
The complaint also alleges that the merger agreement allegedly contains
several unreasonable deal protection devices designed to prevent other
bidders fro making successful competing offers for KFN. Specifically,
(i) a strict no-solicitation clause that prohibits KFN from soliciting
other potential acquirers or from continuing ongoing discussions with
potential acquirers; (ii) a provision that provides KKR with at least
four business days to modify the terms of the merger agreement in the
event the KFN board is considering recommending any competing proposal;
and (iii) a provision that requires KFN to pay KKR a termination fee of
$26,250,000 in order to enter into a transaction with a superior bidder,
including an obligation to reimburse up to $7.5 million in expenses.
If you currently own common stock of KFN and would like to learn more
about the class action lawsuit, you may email or call Brower Piven, who
will, without obligation or cost to you, attempt to answer your
questions. You may contact Brower Piven by email at email@example.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 other
class action cases of over 60 years.
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