An investigation on behalf of investors of Lufkin Industries, Inc. (NASDAQ:LUFK) in connection with the proposed takeover was announced and NASDAQ:LUFK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/10/2013 -- An investigation on behalf of investors in Lufkin Industries, Inc. (NASDAQ:LUFK) shares was announced concerning whether the offer by GE to acquire Lufkin Industries, Inc. for $88.50 per NASDAQ:LUFK share and the takeover process are unfair to investors in NASDAQ:LUFK shares.
Investors who purchased shares of Lufkin Industries, Inc. (NASDAQ:LUFK) prior to April 8, 2013, and currently hold any of those NASDAQ:LUFK 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 Lufkin Industries, Inc. breached their fiduciary duties owed to NASDAQ:LUFK investors in connection with the proposed acquisition.
On April 8, 2013, GE (NYSE: GE) and Lufkin Industries Inc. (NASDAQ: LUFK) announced a joint agreement whereby GE will acquire Lufkin Industries Inc for approximately $3.3 billion. Lufkin shareholders will receive $88.50 per share in cash for each of their Lufkin shares.
However, given that shares of Lufkin Industries, Inc. (NASDAQ:LUFK) traded in 2011 as high as $93.50 per share, the investigation a law firm concerns whether the offer is too low for NASDAQ:LUFK stockholders. More specifically, the investigation focuses on whether the Lufkin Industries 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.
Lufkin Industries, Inc. (NASDAQ:LUFK) reported that its annual Total Revenue rose from $521.36 million in 2009 to over $1.28 billion in 2012 and that its respective Net Income increased from $22.03 million to $81.86 million.
On April 9, 2013, NASDAQ:LUFK shares closed at $87.95 per share.
Those who are current investors in Lufkin Industries, Inc. (NASDAQ:LUFK), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com