TMCnet News

HAWAIIAN ELECTRIC ALERT: Johnson & Weaver, LLP Investigates the Fairness of Price and Process in Proposed Sale of Hawaiian Electric Industries, Inc. to NextEra Energy, Inc.
[December 04, 2014]

HAWAIIAN ELECTRIC ALERT: Johnson & Weaver, LLP Investigates the Fairness of Price and Process in Proposed Sale of Hawaiian Electric Industries, Inc. to NextEra Energy, Inc.


Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the board of directors of Hawaiian Electric Industries, Inc. (NYSE: HE) breached their fiduciary duties in connection with the planned merger of the Company with NextEra Energy, Inc. Hawaiian Electric is engaged in electric utility and banking businesses primarily in Hawaii.

On December 3, 2014, Hawaiian Electric and NextEra announced that they had entered into a definitive merger agreement. Under the terms of the agreement, stockholders of Hawaiian Electric will receive 0.2413 NextEra shares and a one-time cash dividend payment of $0.50 for each share of Hawaiian Electric common stock they own. Additionally, Hawaiian Electric announced a plan to spin-off ASB (News - Alert) Hawaii, the parent company of American Savings Bank, to Hawaiian Electric shareholders as an independent publicly traded company. The ASB Hawaii spin-off is contingent upon the combination of NextEra with Hawaiian Electric.

The total vlue to Hawaiian Electric shareholders is estimated to be $33.50 per share. This estimate includes the one-time $0.50 special cash dividend, the current estimated value of ASB Hawaii of approximately $8.00 per share and the value of 0.2413 NextEra shares. Hawaiian Electric shareholders will be subject to the future price fluctuation of the ASB Hawaii spin-off and NextEra stock price.



The investigation concerns whether Hawaiian Electric's board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Hawaiian Electric's shares of common stock.

If you are a shareholder of Hawaiian Electric and believe that the proposed buyout price is too low or confusing and you are interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471.


About Johnson & Weaver, LLP:

Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.


[ Back To TMCnet.com's Homepage ]