An investigation on behalf of investors of Edgen Group Inc(NYSE:EDG) in connection with the proposed takeover was announced and NYSE:EDG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/07/2013 -- An investigation on behalf of investors, who currently hold shares of Edgen Group Inc(NYSE:EDG) shares, was announced concerning whether the takeover of Edgen Group Inc by Sumitomo Corporation and Sumitomo Corporation of America, Inc for $12.00 per NYSE:EDG share is unfair to Edgen Group stockholders.
Investors who purchased shares of the Edgen Group Inc(NYSE:EDG) and currently hold any of those NYSE:EDG 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 Edgen Group Inc breached their fiduciary duties owed NYSE:EDG investors in connection with the proposed acquisition.
On Oct. 1, 2013, Sumitomo Corporation and Sumitomo Corporation of America, Inc, and Edgen Group Inc announced the signing of a merger agreement whereby Sumitomo Corporation of America, Inc will acquire all outstanding shares of Edgen Group Inc. for US$12.00 per share in cash.
However, given that at least one analyst has set the high target price for NYSE:EDG at $15.00 per share, the investigation concerns whether the $12.00-offer is unfair to NYSE:EDG stockholders. More specifically, the investigation concerns whether the Edgen Group 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.
Edgen Group Increported that its annual Total Revenue rose from $866.33 million in 2010 to over $2.05 billion in 2012 and that its respective Net Loss declined from $92.84 million to $16.50 million.
On Oct. 4, 2013, shares of Edgen Group Inc(NYSE:EDG) closed at $11.92 per share.
Those who are current investors in Edgen Group Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego