A lawsuit was filed for investors of shares of TMS International Corp. (NYSE:TMS) in effort to stop the proposed takeover and NYSE:TMS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/10/2013 -- An investor, who currently hold shares of TMS International Corp. (NYSE:TMS), filed a lawsuit in effort to halt the proposed takeover of TMS International Corp. by The Pritzker Organization, LLC for $17.50 per NYSE:TMS share.
Investors who purchased shares of the TMS International Corp. (NYSE:TMS) and currently hold any of those NYSE:TMS shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that the defendants breached their fiduciary duties owed to NYSE:TMS stockholder by agreeing to sell the company too cheaply via an unfair process to The Pritzker Organization, LLC.
On August 26, 2013, TMS International Corp. (NYSE: TMS) and The Pritzker Organization, LLC (TPO) announced a merger agreement under which business interests of certain members of the Pritzker family will acquire TMS International Corp in an all?cash transaction valued at approximately $1 billion, including refinanced third?party debt. Under the terms of the agreement, TMS stockholders will receive $17.50 in cash for each share of TMS International Corp Class A common stock and Class B common stock.
However, the plaintiff alleges that the $17-50-offer is too low and undervalues the company. Indeed, at least one analyst has set the high target price for NYSE:TMS shares at $19.00 per share. TMS International Corp. (NYSE:TMS) reported that its annual Total Revenue rose from over $1.9 billion in 2009 to over $2.52 billion in 2012 and that its net Loss of $78.99 million in 2009 turned into a Net Income of $26.16 million in 2012. Shares of TMS International Corp. (NYSE:TMS) grew from $6.71 per share in August 2011 to $17.00 per share in July 2013.
On September 5, 2013, NYSE:TMS shares closed at $17.43 per share.
Those who are current investors in TMS International Corp. (NYSE:TMS) and purchased their TMS International 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