Shareholders Foundation Announces Bell Microproducts Inc. Investor Lawsuit Against BELM Board of Directors
2010年4月12日 - 10:32PM
The Shareholders Foundation, Inc. announces that a lawsuit has been
filed in California State Court on behalf of current investors in
Bell Microproducts Inc. (Nasdaq:BELM), who purchased their BELM
shares before March 29, 2010, over alleged breach of their
fiduciary duties by members of the Bell Microproducts board
of directors and others.
On Monday, March 29, 2010, Bell Microproducts Inc. (Nasdaq:BELM)
announced that it has entered into a definitive agreement to be
acquired by Avnet, Inc. in an all cash merger for $7.00 per share
or a total transaction value of approximately $594 million, based
upon an equity value of approximately $252 million and a Bell debt
position, at face value and net of cash, of $342 million at
December 31, 2009. According to Bell Microproducts the acquisition
has been approved by the Boards of Directors of both companies.
Shares of Bell Microproducts Inc. (BELM) traded after the
announcement at $6.98 per share, and at $5.50 the trading day
before the news.
According to the complaint the plaintiff alleges that certain
officers and directors of Bell have decided to pursue their own
interests and will the proposed acquisition will benefit certain
officers and directors at the expense of Bell's shareholder, rather
then maximizing shareholder value for them. The plaintiff alleges,
among other things, that the transaction is unfair and inadequate
and harmful to Bell's public stockholders, because the company
agreed that it will not solicit, initiate, or knowingly encourage
any superior proposals from other parties and it would pay a
termination fee of $10.5 million if it accepted a superior
proposal.
Those who currently are investors in shares of Bell
Microproducts Inc. (Nasdaq:BELM) and purchased their BELM
shares before March 29, 2010, should contact the Shareholders
Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or
call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is an investor advocacy group
which does research related to shareholder issues and informs
investors of securities class actions, settlements, judgments, and
other legal related news to the stock/financial market. The group
offers help, support, and assistance for every shareholder, and
investors find answers to their questions and equitable solutions
to their problems. The Shareholders Foundation, Inc. is not a law
firm. The information is provided as a public service. It is not
intended as legal advice and should not be relied upon.
The Shareholders Foundation, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6931
CONTACT: Shareholders Foundation, Inc.
Trevor Allen
+1 (858) 779-1554
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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