NEW YORK, Oct. 25, 2012 /PRNewswire/ -- Harwood Feffer
LLP (www.hfesq.com) is investigating potential claims against the
board of directors of Spartech Corporation ("Spartech" or the
"Company") (NYSE: SEH) concerning the proposed acquisition of the
Company by PolyOne Corporation ("PolyOne") in a cash and stock
transaction valued at approximately $393
million.
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The terms of the agreement provide that Spartech shareholders
receive $2.67 in cash and 0.3167
shares of PolyOne common stock for each share of Spartech common
stock, the combined value of which is $8.00. Piper Jaffray analyst Mike Ritzenthaler opined that PolyOne would be
acquiring Spartech for a "relatively inexpensive price." He
explained that "[the proposed transaction price] was not more than
7.5 times trailing earnings before interest, taxes, depreciation,
and amortization (EBITDA), which is pretty low for a specialty
chemicals company."
The firm's investigation concerns whether Spartech's board of
directors breached its fiduciary duties by failing to adequately
solicit competing bidders for the Company and obtaining the best
possible value for Spartech's shareholders before entering into an
agreement with PolyOne.
If you own Spartech shares and wish to discuss your rights and
interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Peter W. Overs, Jr. Esq.
Craig Lowther
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: clowther@hfesq.com
Website: http://www.hfesq.com
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the firm.
Attorney Advertising© 2012 Harwood Feffer LLP. The law firm
responsible for this advertisement is Harwood Feffer LLP
(www.hfesq.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP