A lawsuit was filed for investors in shares of Michael Baker Corp (NYSEMKT:BKR) in effort to stop the proposed takeover and NYSEMKT:BKR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/02/2013 -- An investor, who currently hold shares of Michael Baker Corp (NYSEMKT:BKR), filed a lawsuit in effort to halt the proposed takeover of Michael Baker Corp by Integrated Mission Solutions, LLC, an affiliate of DC Capital Partners, LLC for $40.50 per NYSEMKT:BKR share.
Investors who purchased shares of Michael Baker Corp (NYSEMKT:BKR) prior to July 29, 2013 , and currently hold any of those NYSEMKT:BKR shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to Michael Baker Corp stockholders arising out of the attempt to sell Michael Baker Corp too cheaply via an unfair process to Integrated Mission Solutions.
On July 29, 2013, Michael Baker Corporation (NYSE MKT:BKR) announced that it has entered into a merger agreement to be acquired by Integrated Mission Solutions, LLC, an affiliate of DC Capital Partners, LLC. Under the terms of the agreement, which has been unanimously approved by Michael Baker's Board of Directors, Michael Baker Corporation shareholders will receive $40.50 in cash for each share of common stock that they own, in a transaction valued at $396.9 million.
However, the plaintiff claims that the $40.50-offer is “grossly inadequate” and undervalues Michael Baker Corp.
Indeed, Michael Baker Corp’s financial performance improved lately. For instance, it reported that its annual Total Revenue rose from $445.18 million in 2009 to $593.40 million in 2012. Furthermore, shares of Michael Baker Corp (NYSEMKT:BKR) traded in 2009 as high as $42.65 per share.
On Oct. 1, 2013, NYSEMKT: BKR shares closed at $40.50 per share.
Those who are current investors in Michael Baker Corp have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego