Brower Piven Announces Investigation of Quixote Corp.
14 Janvier 2010 - 8:16PM
Business Wire
Brower Piven, A Professional Corporation is investigating
potential claims on behalf of shareholders of Quixote Corp.
(“Quixote” or the “Company”) (NASDAQ: QUIX) for possible breaches
of fiduciary duties by the Quixote Board of Directors and other
violations of state law arising from the announcement that Quixote
and Trinity Industries, Inc. (“Trinity”) (NYSE: TRN) have reached a
definitive agreement for Trinity to acquire the outstanding common
shares and equivalents of Quixote for cash of $6.38 per share, or
approximately $61 million. Trinity will fund the acquisition from
available cash on hand, which totaled $545 million at September 30,
2009.
The investigation concerns the potential unfairness of the
consideration to be paid to Quixote’s shareholders, as well as the
Quixote Board of Directors’ potential breaches of their fiduciary
duties to Quixote shareholders, including the failure to adequately
shop the Company before entering into the transaction and by
including deal protections that may prevent other superior offers.
The process through which the transaction was negotiated may have
been tainted by Quixote directors’ right to receive personal
compensation in connection with the transaction - compensation it
has been alleged that they would not otherwise receive at this time
absent the transaction.
If you own shares in Quixote and wish to obtain additional
information relating to the prospective acquisition of Quixote by
Trinity, please contact Brower Piven at www.browerpiven.com, by
email at hoffman@browerpiven.com, by calling 410/332-0030, or at
Brower Piven, A Professional Corporation, 1925 Old Valley Road,
Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 40 years. If you choose
to retain counsel regarding this matter, you may retain Brower
Piven without financial obligation or cost to you, or you may
retain other counsel of your choice.
Quixote (NASDAQ:QUIX)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Quixote (NASDAQ:QUIX)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024
Real-Time news about Quixote (MM) (NASDAQ): 0 recent articles
Plus d'articles sur Brower Piven, A Professional Corporation