A lawsuit was filed for NYSE:RBN investors in effort to stop the proposed acquisition of Robbins & Myers, Inc. (NYSE:RBN) and other current NYSE:RBN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/22/2012 -- An investor in shares of Robbins & Myers, Inc. (NYSE:RBN) filed a lawsuit against directors in effort to block the proposed takeover of Robbins & Myers, Inc. at $60.00 per NYSE:RBN share.
Investors who purchased shares of the Robbins & Myers, Inc. (NYSE:RBN) prior to August 9, 2012, and currently hold any of those NYSE:RBN 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 NYSE:RBN investors arising out of the attempt to sell the company too cheaply via an unfair process to National Oilwell Varco, Inc.
On August 9, 2012, Robbins & Myers, Inc. (NYSE:RBN) and National Oilwell Varco, Inc. (NYSE:NOV) have entered into an agreement under which National Oilwell Varco will acquire Robbins & Myers in an all cash transaction that values Robbins & Myers at approximately $2.5 billion. Under the terms of the proposed transaction, Robbins & Myers' shareholders will receive $60.00 per share in cash in return for each of the approximately 42.4 million shares outstanding .
However, the plaintiff alleges that the $60offer is unfair to NYSE:RBN stockholders and undervalues the company. Infact, at least one analyst has set the high target price for NYSE:RBN shares at $72.00 per share. In addition, Robbins & Myers’ financial performance improved over the past recent years. Its Total Revenue increased from $478.19 million for the 12 months period that ended on August 31, 2012, to $820.64 million for the 12months period that ended on August 31,, 2011 and its Net Income rose over the same time periods from $33.20 million to $134.01 million. Furthermore, shares of Robbins & Myers, Inc. (NYSE:RBN) grew from $21.80 per share on June 2010 to as high as $54.34 per share in July 2011.
Furthermore, Robbins & Myers' largest shareholder, M.H.M. & Co., Ltd, which owns approximately 10% of the outstanding common shares of Robbins & Myers ("Common Stock") has already agreed to vote its Common Stock in favor of the proposed transaction.
Those who are current investors in Robbins & Myers, Inc. (NYSE:RBN) and purchased their Robbins & Myers shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
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