An investigation on behalf of investors of Coleman Cable, Inc. (NASDAQ:CCIX) in connection with the proposed takeover was announced and NASDAQ:CCIX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/23/2013 -- An investigation on behalf of investors, who currently hold shares of Coleman Cable, Inc. (NASDAQ:CCIX) shares, was announced concerning whether the takeover of Coleman Cable, Inc. by Southwire Company for $26.25 per share is unfair to NASDAQ:CCIX stockholders.
Investors who purchased shares of Coleman Cable, Inc. and currently hold any of those NASDAQ:CCIX shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Coleman Cable, Inc. breached their fiduciary duties owed NASDAQ:CCIX investors in connection with the proposed acquisition.
On December 20, 2013, Southwire Company and Coleman Cable, Inc. announced that the companies have entered into a merger agreement under which Southwire Company will acquire Coleman Cable, Inc for$26.25 per share in cash. The transaction values Coleman Cable, Inc at approximately $786 million, including the assumption of $294 million in net debt.
However, given that at least one analyst has set the high target price for NASDAQ:CCIX shares at $28.00 per share and that Coleman Cable shares jumped following the takeover news in the open market to $26.40 per share, the investigation concerns whether the $26.25-offer is unfair to NASDAQ:CCIX stockholders. More specifically, the investigation concerns whether the Coleman Cable Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Coleman Cable, Inc. reported that its annual Total Revenue rose from $504.15 million in 2009 to $914.58 million in 2012 and that its respective Net Loss of $67.02 million in 2009 turned into a Net Income of $23.50 million in 2012.
Shares of Coleman Cable, Inc. rose from $1.44 per share in March 2009 to as high as $24.92 per share in November 2013.
On December 20, 2013, NASDAQ:CCIX shares closed at $26.40 per share.
Those who are current investors in Coleman Cable, Inc. shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego