The Briscoe Law Firm Investigates Hawk Corp. for Shareholders Concerning the Acquisition of Hawk by Carlisle Companies Inc.
18 Octobre 2010 - 6:31PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of Hawk Corporation (“Hawk Corp” or “HWK”) (AMEX: HWK) related to
the proposed acquisition of Hawk Corp by Carlisle Companies.
The definitive merger agreement, which was announced on October
15, 2010, involves a transaction valued at approximately $413
million under which Hawk Corp/HWK shareholders will receive $50.00
in cash for each share of Hawk Corp/HWK common stock they hold. The
acquisition price represents only an approximate 2% premium over
Hawk Corp’s closing price of $49.01 the day before the merger
announcement. In addition, Hawk Corp’s CEO and two of the company’s
directors, who collectively hold 34% of Hawk Corp’s outstanding
shares, have entered into agreements to tender their shares under
the acquisition agreement.
Based on HWK’s historic stock prices, the lack of a price
premium under the acquisition agreement, and other considerations,
the acquisition price does not appear to be fair to Hawk Corp/HWK
shareholders. The investigation relates to possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Hawk Corp for approving this transaction and whether
Hawk Corp’s Board of Directors acted in the shareholders’ best
interests.
If you currently own shares of Hawk Corp/HWK and would like
additional information regarding this investigation, or if you have
information regarding the allegations involving this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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