An investigation on behalf of investors of Buckeye Technologies Inc. (NYSE:BKI) in connection with the proposed takeover was announced and NYSE:BKI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/30/2013 -- An investigation on behalf of investors in Buckeye Technologies Inc. (NYSE:BKI) shares was announced concerning whether the offer by Georgia-Pacific LLC to acquire Buckeye Technologies Inc. for $37.50 per NYSE:BKI share and the takeover process are unfair to investors in Buckeye Technologies shares.
Investors who purchased shares of Buckeye Technologies Inc. (NYSE:BKI) prior to April 24, 2013, and currently hold any of those NYSE:BKI 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 Buckeye Technologies Inc. breached their fiduciary duties owed to NYSE:BKI investors in connection with the proposed acquisition.
On April 24, 2013, Buckeye Technologies Inc. and Georgia-Pacific LLC announced that they have reached an agreement for Georgia-Pacific to acquire all of the outstanding shares of Buckeye Technologies' common stock for $37.50 per share in cash.
However, given that NYSE:BKI shares jumped after the takeover news on April 24, 2013 in the open market to as high as $37.92 per share and that at least one analyst has set the high target price at $40.00 per share, the investigation a law firm concerns whether the offer is too low for NYSE:BKI stockholders. More specifically, the investigation focuses on whether the Buckeye Technologies 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 April 26, 2013, NYSE:BKI shares closed at $37.60 per share.
Those who are current investors in Buckeye Technologies Inc. (NYSE:BKI), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego