An investigation on behalf of investors of Titanium Metals Corp (NYSE:TIE) in connection with the proposed takeover was announced and NYSE:TIE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/14/2012 -- An investigation on behalf of investors in Titanium Metals Corp (NYSE:TIE) shares was announced concerning whether the offer by Precision Castparts Corp. to acquire Titanium Metals Corp for $16.50 per NYSE:TIE share and the takeover process are unfair to investors in NYSE:TIE shares.
Investors who purchased shares of Titanium Metals Corp (NYSE:TIE) prior to November 12, 2012, and currently hold any of those NYSE:TIE 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 Titanium Metals Corp breached their fiduciary duties owed NYSE:TIE investors in connection with the proposed acquisition.
On November 9, 2012, Titanium Metals Corporation (NYSE: TIE) announced that it has entered into a merger agreement under which Precision Castparts Corp. (NYSE: PCP), has agreed to acquire all of the common stock of TIMET for $16.50 per share in cash.
However, given that at least one analyst has set the high target price for NYSE:TIE shares at $20.00 per shares and that NYSE:TIE shares traded in October 2011 as high as$17.73 per share and in early 2011 as high as $20.14 per share, thus well above the current offer, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:TIE stockholders.
In addition, Titanium Metals Corp reported that its annual Revenue rose from $774.00 million in 2009 to over $1.04 billion in 2011 and its Net Income increased from $34.50 million in ’09 to $114.00million in 2011. Furthermore, Titanium Metals Corporation's principal stockholders Contran Corporation and certain of its affiliates, who collectively hold 45% of the outstanding shares of Titanium Metals Corporation common stock, have already committed to tender their shares in the tender offer.
Therefore the investigation focuses on whether the Titanium Metals 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.
Those who are current investors in Titanium Metals Corp (NYSE:TIE), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego