Suits Filed Against Cleco Over Proposed Sale
ALEXANDRIA, LA (AP) — Two lawsuits have been filed by shareholders against Cleco Corp. relating to the company's proposed sale.
The Town Talk’s Jeff Matthews reports lawsuits on behalf of Edward Braunstein and Helen Moore were filed in state court in Alexandria this week. The Braunstein suit names Cleco and its eight-member board of directors as defendants. The Moore suit also names the potential buyers as defendants.
Pineville-based Cleco announced on Oct. 20 that it had reached a sale agreement with an investment group led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corporation. The parties agreed to a valuation of $4.7 billion.
The Braunstein suit asks the court to stop the sale unless and until a procedure is adopted to secure a sale at the best possible terms for shareholders.