A lawsuit was filed by an investor in shares of Polypore International, Inc. (NYSE:PPO) in effort to stop the proposed takeover and NYSE:PPO stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/10/2015 -- An investor, who currently holds shares of Polypore International, Inc. (NYSE:PPO), filed a lawsuit in effort to stop the proposed takeover of Polypore International, Inc. by Asahi Kasei Corporation for $60.50 per share.
Investors who purchased shares of Polypore International, Inc. (NYSE:PPO) and currently hold any of those NYSE:PPO 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:PPO stockholders by agreeing to sell Polypore International, Inc. too cheaply via an unfair process to Asahi Kasei Corporation.
On February 23, 2015 Polypore International, Inc. (NYSE:PPO) announces that it has signed agreements for the sale of the Company. In the merger agreement, Asahi Kasei Corporation, through a U.S. subsidiary, will purchase Polypore International, Inc. (NYSE:PPO) for $60.50 per share in cash.
However, the plaintiff claims that the proposed consideration NYSE:PPO shareholders will receive is grossly inadequate and undervalues Polypore International, Inc. Indeed, at least one analyst has set the high target price for NYSE:PPO shares at $62.00 per share. Furthermore, Polypore International, Inc. reported that its Total Revenue declined from $648.70 million for the 52 weeks period that ended on December 29, 2012 to $636.28 million for the 52 weeks period that ended on December 28, 2013 and that its respective Net Income increased from $70.95 million to $81.61 million. Shares of Polypore International, Inc. (NYSE:PPO) grew from $30.01 per share in February 2014 to $53.68 per share in November 2014.
On March 6, 2015, NYSE:PPO shares closed at $59.23 per share.
Those who are current investors in Polypore International, Inc. (NYSE:PPO) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com