San Diego, CA -- (SBWIRE) -- 10/24/2012 -- An investigation on behalf of investors in Cascade Corporation (NYSE:CASC) shares was announced concerning whether the offer by Toyota Industries Corporation to acquire Cascade Corporation for $65 per NYSE:CASC share and the takeover process are unfair to investors in NYSE:CASC shares.
Investors who purchased shares of the Cascade Corporation (NYSE:CASC) prior to October 22, 2012, and currently hold any of those NYSE:CASC 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 Cascade Corporation breached their fiduciary duties owed to NYSE:CASC investors in connection with the proposed acquisition.
On October 22, 2012, Toyota Industries Corporation and Cascade Corporation announced that they have entered into a definitive agreement under which Toyota Industries Corporation will acquire 100 percent of the shares of Cascade for $65 per share in cash in a transaction valued at $759 million pursuant to a tender offer.
However, Cascade Corporation’s financial performance improved significantly over the past recent years. In fact, its Total Revenue rose from $314.35 million for the 12 months period that ended on Jan. 31, 2010 to $535.77 million for the 12 months period that ended on Jan 31, 2012 and its Net Loss of $38.65 million for the 12 months period that ended on Jan. 31, 2010 turned into a Net Income of $63.05 million for the 12 months period that ended on Jan. 31, 2012. Furthermore, shares of Cascade Corporation (NYSE:CASC) grew at an exceptional growth rate. In fact, NYSE:CASC shares grew from as low as $16.62 per share in July 2009 to as high as $58.54 per share in early 2012.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:CASC stockholders.
Specifically, given that Cascade’s President, CEO and Director Robert C. Warren, Jr. and Warren Holdings, LLC, a family-managed limited liability company, have already entered into agreements with Toyota Industries Corporation to support the transaction and to tender their shares in the tender offer that cover approximately 14% of Cascade’s outstanding shares, the investigation focuses on whether the Cascade Board of Directors undertakes an adequate sales process, adequately shops the company before entering into the transaction, maximizes shareholder value by negotiating the best price, and acts in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Cascade Corporation (NYSE:CASC) and purchased their Cascade Corp. shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego