A lawsuit was filed for investors in shares of Stillwater Mining Company (NYSE:SWC) in connection with the proposed takeover and NYSE:SWC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/09/2017 -- The Shareholders Foundation announced that an investor, who currently holds shares of Stillwater Mining Company (NYSE:SWC), filed a lawsuit against the proposed takeover of Stillwater Mining Company by Sibanye Gold Limited.
Investors who purchased shares of Stillwater Mining Company (NYSE:SWC) and currently hold any of those NYSE:SWC shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:SWC stockholders by agreeing to sell Stillwater Mining Company Inc too cheaply via an unfair process to Sibanye Gold Limited.
On December 9, 2016, Stillwater Mining Company announced that it has entered into an agreement with Sibanye Gold Limited, under which Sibanye will acquire Stillwater for $18.00 per share in cash representing an aggregate enterprise value of $2.2 billion.
However, plaintiff claims that the proposed consideration NYSE:SWC shareholders will receive is grossly inadequate and undervalues Stillwater Mining Company. Indeed, at least one analyst has set the high target price for NYSE:SWC shares at $21 per share. In addition, the plaintiff alleges that the process is also unfair NYSE:SWC stockholders. The plaintiff claims that certain defendants locked up the Proposed Transaction and have precluded other bidders from making successful competing offers for the company by agreeing to preclusive deal protection devices, such as no solicitation, matching rights, and a $16.5 termination fee provision.
Shares of Stillwater Mining Company (NYSE:SWC) closed on February 8, 2016, at $17.22 per share.
Those who are current investors in Stillwater Mining Company shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego