An investigation on behalf of investors in NYSE:MPG shares in connection with the proposed takeover was announced and NYSE:MPG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/17/2016 -- The takeover of Metaldyne Performance Group Inc is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold NYSE:MPG shares concerning whether the takeover of Metaldyne Performance Group Inc by American Axle & Manufacturing Holdings, Inc. for a value of approximately $21.81 per share.
Investors who purchased shares of Metaldyne Performance Group Inc (NYSE:MPG) and currently hold any of those NYSE:MPG shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Metaldyne Performance Group Inc breached their fiduciary duties owed to NYSE:MPG investors in connection with the proposed acquisition.
On November 3, 2016, American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) and Metaldyne Performance Group Inc (NYSE:MPG) announced that the companies have entered into a merger agreement under which AAM will acquire MPG for approximately $1.6 billion in cash and stock, plus the assumption of $1.7 billion in net debt. Under the terms of the agreement, each share of MPG's common stock will be converted into the right to receive $13.50 per share in cash and 0.5 share of AAM common stock. Based on AAM's closing stock price on November 2, 2016, Metaldyne shareholders would have received compensation valued at approximately $21.81 per share.
However, given that concurrent with the signing of the merger agreement, AAM already entered into a voting agreement with an affiliate of American Securities LLC, the controlling stockholder of MPG, pursuant to which American Securities LLC has agreed to vote in favor of and otherwise support the transaction, subject to the terms of the voting agreement, the investigation concerns whether the offer is unfair to NYSE:MPG stockholders. More specifically, the investigation concerns whether the Metaldyne Performance 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.
On November 16, 2016, NYSE:MPG shares closed at $20.00 per share.
Those who are current investors in Metaldyne Performance Group Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego