An investigation on behalf of investors in NYSE:SOA shares in connection with the proposed acquisition of Solutia by Eastman Chemical was announced and NYSE:SOA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/06/2012 -- The Shareholders Foundation announces that an investigation on behalf of stockholders of NYSE:SOA shares was initiated launched concerning whether the offer to acquire Solutia Inc. for a value of approximately $27.65 per share and the buyout process are unfair to investors in NYSE:SOA shares.
Investors who currently hold shares of Solutia Inc. (NYSE:SOA) and acquired those shares NYSE:SOA shares prior to Jan 27, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigations by law firms concern whether Solutia Inc, certain officers and directors, and/or others breached their fiduciary duties to Solutia (NYSE:SOA) investors in connection with the proposed acquisition.
On Friday, Jan. 27, 2012, Solutia Inc. (NYSE:SOA) and Eastman Chemical Company (NYSE:EMN) announced that they have entered into an agreement, under which Eastman Chemical Company will acquire Solutia. Under the terms of the proposed transaction, Solutia Inc. stockholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.
However, at least one analyst has set the high target price for NYSE: SOA shares at $31 per share.
Therefore the investigation for NYSE:SOA investors concerns whether the Solutia Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to Solutia Inc. (YSE:SOA) shareholders by failing to adequately shop the Company before entering into this transaction.
In addition given the financial performance of Solutia in recent years and the analyst’s high target price for NYSE: SOA the investigation also focuses on whether offer by Eastman Chemical Company undervalues NYSE:SOA shares.
Those who are current investors in Solutia Inc. (SOA) and purchased NYSE:SOA shares prior to the announcement have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego