An investigation on behalf of investors of Spartech Corporation (NYSE:SEH) in connection with the proposed takeover was announced and NYSE:SEH stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/29/2012 -- An investigation on behalf of investors in Spartech Corporation (NYSE:SEH) shares was announced concerning whether the offer by PolyOne Corporation to acquire Spartech Corporation for a value of approximately $8.00 per NYSE:SEH share and the takeover process are unfair to investors in NYSE:SEH shares.
Investors who purchased shares of the Spartech Corporation (NYSE:SEH) prior to October 24, 2012, and currently hold any of those NYSE:SEH shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Spartech Corporation breached their fiduciary duties owed to NYSE:SEH investors in connection with the proposed acquisition.
On October 24, 2012, PolyOne Corporation (NYSE: POL) and Spartech (NYSE: SEH) announced they have entered into an agreement, under which PolyOne will acquire Spartech. Under the terms of the agreement, Spartech stockholders will receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech common stock. Based on the closing price of PolyOne shares on Tuesday, October 23, Spartech stockholders will receive cash and stock valued at $8.00 per Spartech common share.
However, shares of Spartech Corporation (NYSE:SHE) traded during 2010 as high as $14.52 per share. Furthermore, Spartech’s financial performance improved lately. For instance, it reported that its Total Revenue rose from over $1.02 billion million for the 52 weeks period that ended on October 30, 2010 to over $1.1 billion for the 52 weeks period that ended on Oct. 29, 2011 and its Net Loss over the same time periods decreased from $50.38 million to $23.38 million.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:SEH stockholders. Specifically, the investigation focuses on whether the Spartech Board of Directors undertakes an adequate sales process, adequately shops the company before entering into the transaction, maximizes shareholder value by negotiating the best price, and acts in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Spartech Corporation (NYSE:SEH) and purchased their Spartech Corporation 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