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Rigrodsky & Long, P.A. Investigates Buyout of K-Sea Transportation Partners L.P. - KSP

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Rigrodsky & Long, P.A. Investigates Buyout of K-Sea Transportation Partners L.P. - KSP Powered By Docstoc
					Rigrodsky & Long, P.A. Investigates Buyout of K-
Sea Transportation Partners L.P. - KSP
March 14, 2011 11:32 AM Eastern Daylight Time 

WILMINGTON, Del.--(EON: Enhanced Online News)--Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of K-Sea Transportation Partners L.P. (“K-Sea” or the “Company”)
(NYSE: KSP) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s
entry into an agreement to be acquired by Kirby Corporation (“Kirby”) (NYSE: KEX) in a transaction with a total
value of approximately $600 million, consisting of $335 million for K-Sea’s equity and the refinancing of $265
million of K-Sea debt. Click here to learn how to join the action:
http://www.rigrodskylong.com/news/KSeaTransportationPartners-KSP.

Under the proposed agreement, K-Sea’s common and preferred unitholders will receive $8.15 per unit in
consideration in the form of cash and Kirby common stock. K-Sea’s common unitholders will have the election to
receive for each common unit either $8.15 in cash or $4.075 in cash and 0.0734 of a share of Kirby common stock.
K-Sea’s preferred unitholders will receive for each preferred unit $4.075 in cash and 0.0734 of a share of Kirby
common stock. K-Sea’s general partner will receive $8.15 in cash for each general partner unit and $18 million in
cash for its incentive distribution rights.

The investigation concerns whether K-Sea’s board of directors failed to adequately shop the Company and obtain
the best price possible for K-Sea’s shareholders before entering into the agreement with Kirby. Indeed, the holders
of a majority of the outstanding K-Sea units, which is a sufficient number of units to approve the merger, have
entered into support agreements with Kirby pursuant to which they have agreed to vote their units in favor of the
merger.

If you own the common units of K-Sea and purchased your units before March 14, 2011, if you have information or
would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning
this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky,
Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation,
including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and
federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Contacts
Rigrodsky & Long, P.A.
Seth D. Rigrodsky, Esquire
Noah R. Wortman, Case Development Director
888-969-4242
302-295-5310
Fax: 302-654-9430
info@rigrodskylong.com
http://www.rigrodskylong.com
Permalink: http://eon.businesswire.com/news/eon/20110314006344/en/K-Sea-Transportation-Partners-
LP/KSP/Kirby-Corporation

				
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Description: WILMINGTON, Del.--(EON: Enhanced Online News)--Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of K-Sea Transportation Partners L.P. (NYSE: KSP) regarding its sale to Kirby Corporation. img border='0' title='Add to Google
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