BALA CYNWYD, PA / ACCESSWIRE / July 28, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of CNX Midstream Partners LP ("CNX Midstream" or the "Company") (NYSE:CNXM) for possible breaches of fiduciary duty and other violations of federal and state law in connection with an agreement whereby CNX Resources Corporation (NYSE:CNX) ("CNX") will acquire all of the outstanding common units of CNX Midstream that it does not already own in exchange for CNX common stock valued at approximately $357 million, based on the most recent closing price of CNX common stock. Under the terms of the merger agreement, each outstanding common unit of CNX Midstream that CNX does not already own will be converted into 0.88 shares of CNX common stock, representing an implied deal price of only $8.47 per unit (based on CNX's July 24, 2020 close).
The investigation concerns whether the CNX Midstream Board breached its fiduciary duties to unitholders by failing to conduct a fair process and whether CNX is underpaying for the Company. For example, the implied deal price is well off CNX Midstream's 52-week high of $16.94.
If you own units of CNX Midstream and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, visit http://www.brodskysmith.com/cases/cnx-midstream-partners-lp-nyse-cnxm/, or call toll free 877-534-2590.