|[October 04, 2013]
INVESTOR ALERT: Louisiana Based O'Bell Law Firm, L.L.C. is Investigating the Buyout of Louisiana Based Edgen Group Inc. by Sumitomo Corporation
METAIRIE, La. --(Business Wire)--
O'Bell Law Firm, L.L.C. ("O'Bell"), Metairie based class action and
securities litigation law firm, announces that it is commencing an
investigation into the Board of Directors of Edgen Group Inc. ("Edgen"
or the "Company") (NYSE: EDG) to determine whether it has breached its
fiduciary duties and other possible violations of state law in
connection with the sale of Edgen to Sumitomo Corporation. On October 1,
2013, Sumitomo Corporation announced a deal to buy Baton Rouge based
Edgen. Under he terms of the transaction, Edgen shareholders will
receive $12.00 for each share of Edgen stock they own. The transaction
is approximately valued at $520 million.
The investigation is focused on the potential unfairness of the
consideration to Edgen shareholders and whether Edgen's Board of
Directors acted in the shareholders' best interest and properly shopped
the company before entering into the acquisition agreement with Sumitomo
Corporation. At least one analyst set a price target for EDG stock at
$15.00 per share.
If you have information relevant to this investigation that you would
like to share with us in furtherance of the shareholders' interests in
this matter, then please contact Eric J. O'Bell directly without
obligation or cost to you at 504-456-8677; or by email to EJO@OBellLawFirm.com.
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