An investigation on behalf of investors of Met-Pro Corporation (NYSE:MPR) in connection with the proposed takeover was announced and NYSE:MPR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/29/2013 -- An investigation on behalf of investors in Met-Pro Corporation (NYSE:MPR) shares was announced concerning whether the offer by CECO Environmental Corp. to acquire Met-Pro Corporation for $13.75 per NYSE:MPR share and the takeover process are unfair to investors in Met-Pro shares.
Investors who purchased shares of Met-Pro Corporation (NYSE:MPR) prior to April 22, 2013, and currently hold any of those NYSE:MPR 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 Met-Pro Corporation breached their fiduciary duties owed to NYSE:MPR investors in connection with the proposed acquisition.
On April 22, 2013, CECO Environmental Corp. has announced it has entered into an agreement to acquire Met-Pro Corporation. Pursuant to the terms of the agreement, CECO Environmental Corp will acquire all of the outstanding shares of Met-Pro common stock in a cash and stock transaction valued at a total of approximately $210 million, or $13.75 per share.
However, Met-Proo’s financial performance improved lately. In fact, it reported that its Total Revenue rose from $80.13 million for the 12 months period that ended on Jan. 31, 2010 to $109.94 million for the 12 months period that ended on Jan 31, 2013 and that its respective Net Income increased from $4.44 million to $8.05 million.
Therefore, the investigation a law firm concerns whether the offer is too low for NYSE:MPR stockholders. More specifically, the investigation focuses on whether the Met-Pro 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.
NYSE:MPR shares closed on April 26, 2013, at $13.30 per share.
Those who are current investors in Met-Pro Corporation (NYSE:MPR), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego