A lawsuit was filed for investors in shares of Flow International Corporation (NASDAQ:FLOW) in effort to halt the proposed takeover and NASDAQ:FLOW stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/22/2013 -- An investor, who currently hold shares of Flow International Corporation (NASDAQ:FLOW) shares, filed a lawsuit in effort to halt the proposed takeover of Flow International Corporation by American Industrial Partners for $4.05 per NASDAQ:FLOW share.
Investors who purchased shares of the Flow International Corporation (NASDAQ:FLOW) and currently hold any of those NASDAQ:FLOW shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:FLOW stockholders arising out of the attempt to sell Flow International Corporation too cheaply via an unfair process to American Industrial Partners.
On September 25, 2013, Flow International Corporation (NASDAQ:FLOW) announced that it has entered into an agreement to be acquired by American Industrial Partners in a transaction valued in excess of $200 million. Under the terms of the merger agreement, American Industrial Partners will acquire all of the outstanding shares of Flow International Corporation common stock for $4.05 per share in cash.
However, the plaintiff claims that the offer is too low and undervalues Flow International Corporation. Indeed at least one analyst has set the high target price for NASDAQ:FLOW shares at $5.00 per share and that NASDAQ:FLOW shares traded as high as $4.30 per share in early 2012. Additionally, Flow International Corporation reported that its Total Revenue rose from $173.75 million for the 12 months period that ended on April 30, 2010 to $259.34 million for the 12 months period that ended on April 30, 2013.
Shares of Flow International Corporation closed on October 21, 2013, at $3.99 per share.
Those who are current investors in Flow International Corporation shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego