San Diego, CA -- (SBWire) -- 01/12/2016 --An investigation for shareholders in Blount International Inc (NYSE:BLT) was announced over the acquisition of Blount International Inc by affiliates of American Securities LLC and P2 Capital Partners, LLC for $10.00 per share.
Investors who purchased shares of Blount International Inc (NYSE:BLT) and currently hold any of those NYSE:BLT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Blount International Inc breached their fiduciary duties owed to NYSE:BLT investors in connection with the proposed acquisition.
On Dec. 10, 2015, Blount International, Inc. (NYSE:BLT) announced that it has entered into an agreement to be acquired by affiliates of American Securities LLC and P2 Capital Partners, LLC in an all-cash transaction valued at approximately $855 million, including the assumption of debt. Under the terms of the proposed transaction, Blount shareholders will receive $10.00 in cash for each share of Blount common stock they hold.
However, given that NYSE:BLT shares traded in early 2015 as high as $17.09 per share, the investigation concerns whether the offer is unfair to NYSE:BLT stockholders.
In addition, given that P2 Capital Partners and certain of its affiliates, which collectively own approximately 14.9% of Blount's outstanding shares, have already entered into an agreement with the Company to vote their shares in accordance with the recommendation of the Company's Board of Directors with respect to the proposed transaction, the investigation concerns whether the Blount International 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.
On January 8, NYSE:BLT shares closed at $9.62 per share.
Those who are current investors in Blount International Inc (NYSE:BLT) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Blount International Inc (NYSE:BLT) Shareholder Alert: Buyout Faces Investigation over Potential Wrongdoing
An investigation on behalf of investors of Blount International Inc (NYSE:BLT) in connection with the proposed takeover was announced and NYSE:BLT stockholders should contact the Shareholders Foundation.