SAN DIEGO and GLASSPORT, Pa., Aug.
26, 2013 /PRNewswire/ -- Shareholder rights attorneys
at Robbins Arroyo LLP are investigating the acquisition of TMS
International Corp. (NYSE: TMS) ("TMS") by The Pritzker
Organization, LLC a private equity firm. On August 26, 2013, the two companies announced a
definitive merger agreement under which business interests of
certain members of the Pritzker family will acquire TMS.
Pursuant to the agreement, TMS shareholders will receive
$17.50 in cash for each share of TMS
Class A common stock and Class B common stock. The
transaction is expected to close in the fourth quarter of 2013.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Is the Merger Best for TMS and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at TMS is undertaking a fair process to obtain maximum
value and adequately compensate its shareholders in the
merger. As an initial matter, the $17.50 merger consideration represents a premium
of only 12.40% based on TMS's closing price on August 23, 2013. That premium is
substantially below the average one-day premium of 38% for
comparable transactions in the past three years.
Moreover, several analysts have recently set target prices above
the $17.50 merger
consideration. As recently as August
1, 2013, an analyst from Sidoti & Company, LLC set a
target price of $22.00 per share, and
an analyst from Raymond James set a
target price of $19.00. In
addition, analysts from RBC Capital Markets and KeyBanc Capital
Markets both set a target price of $18.00 on August 1,
2013.
Given these facts, Robbins Arroyo is examining TMS's board of
directors' decision to sell the company to The Pritzker
Organization, LLC now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects, and whether they are seeking to benefit themselves.
TMS shareholders have the option to file a class action lawsuit
to secure the best possible price for shareholders and the
disclosure of material information so shareholders can vote on the
transaction in an informed manner. TMS shareholders
interested in information about their rights and potential remedies
can contact attorney Darnell R.
Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or
via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/tms-international-corp/
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800)
350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP