A lawsuit was filed for investors in shares of BEAM Inc (NYSE:BEAM) in effort to halt the proposed takeover and NYSE:BEAM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/21/2014 -- An investor, who currently holds shares of BEAM Inc (NYSE:BEAM), filed a lawsuit in effort to halt the proposed takeover of BEAM Inc by Suntory Holdings Limited for $83.50 per share.
Investors who purchased shares of BEAM Inc (NYSE:BEAM) and currently hold any of those NYSE:BEAM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: BEAM stockholders arising out of the attempt to sell Beam Inc too cheaply via an unfair process to Suntory Holdings Limited.
The investigation by a law firm concerns whether certain officers and directors of BEAM breached their fiduciary duties owed to NYSE:BEAM investors in connection with the proposed acquisition.
On January 13, 2014, Suntory Holdings Limited and Beam Inc (NYSE: BEAM) announced that they have entered into an agreement under which Suntory Holdings Limited will acquire all outstanding shares of Beam Inc for US$83.50 per share in cash or total consideration of approximately US$16 billion, including the assumption of Beam's outstanding net debt.
However, the plaintiff alleges that the $83.50 -offer is too low and undervalues Beam Inc. the plaintiff says that the inadequacy of the proposed consideration is even more evident when one considers the substantial synergies to be enjoyed by Suntory if the proposed acquisition is consummate. Furthermore, Beam’s performance improved lately. For instance, BEAM Inc reported that its annual Total Revenue rose from over $1.98 billion in 2009 to over $2.46 billion in 2012. NYSE:BEAM shares grew from $19.07 per share in March 2009 to as high as $70.30 per share in October 2013.
On Jan. 17, 2014, NYSE: BEAM shares closed at $83.34 per share.
Those who are current investors in BEAM Inc shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554
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