- Boardwalk Pipeline Partners (BWP +3.1%) is higher as shareholder TAM Capital Management expresses "outrage at the recent actions of Loews Corp... to artificially depress [BWP's] stock price."
- TAM accuses Loews (NYSE:L) of "a brazen attempt to effect a buyout of the company for a fraction of its fair value and in contravention of terms and intent" of the MLP agreement.
- Instead of announcing a buyout, Loews "inserted the possibility of a future buyout as a means to cap the price at which the MLP units could trade, while giving Loews and its leadership an ongoing option to complete the buyout whenever the price of the MLP units declined to an acceptable level," according to TAM's letter; BWP fell 16% in the week after the announcement.
- TAM threatens legal action if Loews and the Tisch family fail "to restore their reputations for fair dealing."
Boardwalk Pipeline shareholder accuses Loews of driving down price
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| Symbol | Last Price | % Chg |
|---|---|---|
| BWP | - | - |
| Boardwalk Pipeline Partners, LP | ||