A lawsuit was filed by an investor in shares of Buckeye Technologies Inc. (NYSE:BKI) in effort to stop the proposed takeover and other current NYSE:BKI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/08/2013 -- An investor in shares of Buckeye Technologies Inc. (NYSE:BKI) filed a lawsuit to halt the proposed takeover of Buckeye Technologies Inc.by Georgia-Pacific LLC for $37.50 per NYSE:BKI share.
Investors who purchased shares of Buckeye Technologies Inc. (NYSE:BKI) prior to April 24, 2013, and currently hold any of those NYSE:BKI shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On April 24, 2013, Buckeye Technologies Inc. and Georgia-Pacific LLC announced that they have reached an agreement for Georgia-Pacific to acquire all of the outstanding shares of Buckeye Technologies' common stock for $37.50 per share in cash.
However, the plaintiff says that the defendants allegedly breached their fiduciary duties owed to NYSE:BKI stockholder by agreeing to sell the company at an unfair price via an unfair process.
Indeed, NYSE:BKI shares jumped after the takeover news on April 24, 2013 in the open market to as high as $37.92 per share and that at least one analyst has set the high target price at $40.00 per share, thus both above the current offer.
On May 7, 2013, NYSE:BKI shares closed at $37.61 per share.
Those who are current investors in Buckeye Technologies Inc. (NYSE:BKI), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego