An investigation for shareholders Furmanite Corporation (NYSE:FRM) in connection with the proposed takeover was announced and NYSE:FRM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/07/2015 -- An investigation for shareholders in Furmanite Corporation shares was announced over the takeover of Furmanite Corporation by Team, Inc.
On November 2, 2015 Team, Inc. and Furmanite Corporation (NYSE:FRM) announced that the Boards of Directors of both companies have approved a merger agreement under which Team, Inc. will acquire all of the outstanding shares of Furmanite Corporation (NYSE:FRM) in a stock-for-stock transaction valued at approximately $335 million, including the assumption of debt, which is intended to be tax-free to Furmanite stockholders for U.S. federal income tax purposes.
Investors who purchased shares of Furmanite Corporation (NYSE:FRM) and currently hold any of those NYSE:FRM shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Furmanite Corporation breached their fiduciary duties owed to NYSE:FRM investors in connection with the proposed acquisition.
Under the terms of the proposed merger, Furmanite Corporation (NYSE:FRM) stockholders will receive 0.215 shares of Team, Inc. common stock for each share of Furmanite Corporation (NYSE:FRM) common stock they own or a value of approximately $7.53 per share.
However, given that at least one analyst has set the high target price for NYSE:FRM shares at $10.00 per share and given that NYSE:FRM shares traded in May 2015 as high as $9.10 per share, the investigation concerns whether the offer is unfair to NYSE:FRM stockholders. More specifically, the investigation concerns whether the Furmanite 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 December 4, 2015, NYSE:FRM shares closed at $7.78 per share.
Those who are current investors in Furmanite Corporation shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego