A lawsuit was filed for investors in shares of The Valspar Corp (NYSE:VAL) in connection with the proposed takeover and NYSE:VAL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/02/2016 -- An investor who currently holds shares of The Valspar Corp (NYSE:VAL), filed a lawsuit in effort to halt the proposed takeover of Minneapolis, MN based Valspar Corp. by The Sherwin-Williams Company for $113 per share.
Investors who purchased shares of The Valspar Corp (NYSE:VAL) and currently hold any of those NYSE:VAL shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:VAL stockholders by agreeing to sell The Valspar Corp too cheaply via an unfair process to The Sherwin-Williams Company
On March 20, 2016, The Sherwin-Williams Company (NYSE: SHW) and The Valspar Corporation (NYSE: VAL) announced that they have entered into an agreement under which Sherwin-Williams will acquire Valspar for $113 per share in an all-cash transaction, or an enterprise value of approximately $11.3 billion.
However, the plaintiff says that the defendants breached their fiduciary duties by allowing Sherwin-Williams to acquire the company "without providing stockholders with material information necessary for an informed vote" on the merger. In addition, the plaintiff claims that the proposed consideration NYSE:VAL IMS shareholders will receive is grossly inadequate and undervalues The Valspar Corporation. The Valspar Corp reported that its Total Revenue rose from $292.50 million for the 52 weeks period that ended on October 26, 2010 to$399.51 million for the 52 weeks period that ended on October 30, 2015. Shares of The Valspar Corp (NYSE:VAL) grew from $29.54 per share in August 2011 to as high as $88.05 per share in February 2015. Furthermore, the plaintiff alleges that the process is also unfair to NYSE:VAL stockholders.
On June 1, 2016, NYSE:VAL shares closed at $108.21 per share.
Those who are current investors in The Valspar Corp shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego